Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 06, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | NioCorp Developments Ltd. (“the Company”) filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2022, with the U.S. Securities and Exchange Commission (“SEC”) on September 6, 2022 (the “Original Form 10-K”). This Amendment No. 1 on Form 10-K/A (this “Amendment” or “Form 10-K/A”) is being filed to restate (the “Restatement”) certain information in the Company’s previously issued consolidated financial statements as of and for the fiscal years ended June 30, 2022 and 2021 and the interim periods ended September 30, 2021, December 31, 2021 and March 31, 2022 (collectively, the “Affected Periods”). | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity File Number | 000-55710 | ||
Entity Registrant Name | NioCorp Developments Ltd. | ||
Entity Central Index Key | 0001512228 | ||
Entity Tax Identification Number | 98-1262185 | ||
Entity Incorporation, State or Country Code | A1 | ||
Entity Address, Address Line One | 7000 South Yosemite Street | ||
Entity Address, Address Line Two | Suite 115 | ||
Entity Address, City or Town | Centennial | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80112 | ||
City Area Code | 855 | ||
Local Phone Number | 264-6267 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 245,400,000 | ||
Entity Common Stock, Shares Outstanding | 278,127,688 | ||
Auditor Name | BDO USA, LLP | ||
Auditor Location | Spokane, Washington | ||
Auditor Firm ID | 243 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | |
Current | |||
Cash | $ 5,280 | $ 7,317 | |
Prepaid expenses and other | 402 | 24 | |
Total current assets | 5,682 | 7,341 | |
Non-current | |||
Deposits | 35 | 35 | |
Investment in equity securities | 10 | 16 | |
Right-of-use assets | 94 | 156 | |
Land and buildings, net | 850 | 837 | |
Mineral properties | 16,085 | 16,085 | |
Total assets | 22,756 | 24,470 | |
Current | |||
Accounts payable and accrued liabilities | 817 | 408 | |
Related party loan | 2,000 | 2,318 | |
Convertible debt, current portion | 2,169 | 1,123 | |
Operating lease liability | 82 | 69 | |
Total current liabilities | 5,068 | 3,918 | |
Non-current | |||
Convertible debt, net of current | 7,234 | ||
Operating lease liability | 23 | 105 | |
Total liabilities | 5,091 | 11,257 | |
SHAREHOLDERS' EQUITY | |||
Common stock, no par value, unlimited shares authorized; shares outstanding: 276,670,606 at June 30, 2022 and 256,379,931 at June 30, 2021 | 129,055 | 113,882 | |
Accumulated deficit | (110,397) | (99,510) | |
Accumulated other comprehensive loss | (993) | (1,159) | |
Total shareholders’ equity | [1] | 17,665 | 13,213 |
Total liabilities and equity | $ 22,756 | $ 24,470 | |
[1]Amounts are restated. See Note 2 for more information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common stock, authorized | Unlimited | Unlimited |
Common stock, shares outstanding | 276,670,606 | 256,379,931 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses | |||
Employee related costs | $ 2,150 | $ 1,655 | $ 1,376 |
Professional fees | 684 | 386 | 327 |
Exploration expenditures | 3,309 | 1,056 | 1,201 |
Other operating expenses | 1,653 | 995 | 528 |
Total operating expenses | 7,796 | 4,092 | 3,432 |
Change in financial instrument fair value | (32) | 38 | |
Other income | (208) | ||
Loss on debt extinguishment | 163 | ||
Foreign exchange loss (gain) | 258 | (725) | 179 |
Interest expense | 2,827 | 1,543 | 354 |
Loss (gain) on equity securities | 6 | (9) | (2) |
Loss before income taxes | 10,887 | 4,824 | 4,001 |
Income tax benefit | |||
Net loss | 10,887 | 4,824 | 4,001 |
Other comprehensive (gain) loss: | |||
Reporting currency translation | (166) | 804 | (171) |
Total comprehensive loss | $ 10,721 | $ 5,628 | $ 3,830 |
Loss per common share, basic and diluted | $ 0.04 | $ 0.02 | $ 0.02 |
Weighted average common shares outstanding | 263,737,227 | 241,967,116 | 234,610,126 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Total loss for the period | $ (10,887) | $ (4,824) | $ (4,001) |
Adjustments for: | |||
Noncash lease activity | (7) | 30 | |
Change in financial instrument fair value | (32) | 38 | |
Depreciation | 3 | ||
Unrealized loss (gain) on equity securities | 6 | (9) | (2) |
Accretion of convertible debt | 2,619 | 1,100 | |
Foreign exchange loss (gain) | 329 | (661) | 144 |
Gain on debt forgiveness | (196) | ||
Loss on debt extinguishment | 163 | ||
Share-based compensation | 1,745 | 797 | 153 |
Total | (6,192) | (3,632) | (3,668) |
Change in working capital items: | |||
Prepaid expenses | (377) | 9 | 40 |
Accounts payable and accrued liabilities | 419 | (1,103) | 579 |
Net cash used in operating activities | (6,150) | (4,726) | (3,049) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of mineral rights | (5,468) | ||
Acquisition of land and buildings | (16) | (837) | |
Net cash used in investing activities | (16) | (6,305) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of capital stock | 4,737 | 10,677 | 470 |
Share issue costs | (118) | (174) | |
Issuance of convertible debt, net of costs | 9,477 | ||
Loan repayments | (406) | ||
Related party debt draws | 2,338 | ||
Related party debt repayments | (318) | (1,500) | |
Long term debt funding | 196 | ||
Net cash provided by financing activities | 4,301 | 18,074 | 3,004 |
Exchange rate effect on cash and cash equivalents | (172) | (33) | (5) |
Change in cash and cash equivalents during period | (2,037) | 7,010 | (50) |
Cash and cash equivalents, beginning of period | 7,317 | 307 | 357 |
Cash and cash equivalents, end of period | 5,280 | 7,317 | 307 |
Supplemental cash flow information: | |||
Amounts paid for interest | 252 | 873 | 64 |
Amounts paid for income taxes | |||
Non-cash investing and financing transactions: | |||
Conversion of debt for common shares | 8,807 | 3,106 | 980 |
Recognition of operating lease liabilities | 231 | ||
Derecognition of operating lease liabilities | (22) | ||
Accounts payable to note conversion | 1,640 | 406 | |
Value of warrants issued | $ 1,795 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance, June 30, 2021 As Restated at Jun. 30, 2019 | $ 96,063 | $ (90,685) | $ (526) | $ 4,852 | |
Beginning balance (in shares) at Jun. 30, 2019 | 232,496,215 | ||||
Exercise of warrants | $ 338 | 338 | |||
Exercise of warrants (in shares) | 664,549 | ||||
Exercise of options | $ 148 | $ 148 | |||
Exercise of options (in shares) | 320,500 | 320,500 | |||
Debt conversions | $ 980 | $ 980 | |||
Debt conversions (in shares) | 2,444,420 | ||||
Share-based compensation | $ 153 | 153 | |||
Reporting currency presentation | 171 | 171 | |||
Loss for the year | (4,001) | (4,001) | |||
Balance, June 30, 2022 As Restated at Jun. 30, 2020 | $ 97,682 | (94,686) | (355) | 2,641 | |
Ending balance (in shares) at Jun. 30, 2020 | 235,925,684 | ||||
Exercise of warrants | $ 5,338 | 5,338 | |||
Exercise of warrants (in shares) | 9,106,283 | ||||
Exercise of options | $ 215 | $ 215 | |||
Exercise of options (in shares) | 2,952,296 | 2,952,296 | |||
Debt conversions | $ 3,106 | $ 3,106 | |||
Debt conversions (in shares) | 4,061,511 | ||||
Share-based compensation | $ 797 | 797 | |||
Reporting currency presentation | (804) | (804) | |||
Loss for the year | (4,824) | (4,824) | |||
Fair value of warrants granted | 1,795 | 1,795 | |||
Private placement – May 2021 | $ 5,124 | 5,124 | |||
Private placement May 2021 (in shares) | 4,334,157,000 | ||||
Share issuance costs | $ (175) | (175) | |||
Balance, June 30, 2022 As Restated at Jun. 30, 2021 | [1] | $ 113,882 | (99,510) | (1,159) | $ 13,213 |
Ending balance (in shares) at Jun. 30, 2021 | 256,379,931 | 256,379,931 | |||
Exercise of warrants | $ 543 | $ 543 | |||
Exercise of options | 121 | 121 | |||
Debt conversions | 1,350 | 1,350 | |||
Reporting currency presentation | 124 | 124 | |||
Loss for the year | (2,088) | (2,088) | |||
Balance, June 30, 2022 As Restated at Sep. 30, 2021 | 115,896 | (101,598) | (1,035) | $ 13,263 | |
Ending balance (in shares) at Sep. 30, 2021 | 259,118,369 | ||||
Balance, June 30, 2021 As Restated at Jun. 30, 2021 | [1] | $ 113,882 | (99,510) | (1,159) | $ 13,213 |
Beginning balance (in shares) at Jun. 30, 2021 | 256,379,931 | 256,379,931 | |||
Exercise of warrants | $ 543 | $ 543 | |||
Exercise of options | 420 | 420 | |||
Debt conversions | 4,522 | 4,522 | |||
Share-based compensation | 1,568 | 1,568 | |||
Reporting currency presentation | 110 | 110 | |||
Loss for the year | (6,080) | (6,080) | |||
Balance, June 30, 2022 As Restated at Dec. 31, 2021 | 120,935 | (105,590) | (1,049) | $ 14,296 | |
Ending balance (in shares) at Dec. 31, 2021 | 264,026,990 | ||||
Balance, June 30, 2021 As Restated at Jun. 30, 2021 | [1] | $ 113,882 | (99,510) | (1,159) | $ 13,213 |
Beginning balance (in shares) at Jun. 30, 2021 | 256,379,931 | 256,379,931 | |||
Exercise of warrants | $ 543 | $ 543 | |||
Exercise of options | 430 | 430 | |||
Debt conversions | 6,622 | 6,622 | |||
Share-based compensation | 1,568 | 1,568 | |||
Reporting currency presentation | 72 | 72 | |||
Loss for the year | (8,080) | (8,080) | |||
Balance, June 30, 2022 As Restated at Mar. 31, 2022 | 123,045 | (107,590) | (1,087) | $ 14,368 | |
Ending balance (in shares) at Mar. 31, 2022 | 268,083,716 | ||||
Balance, June 30, 2021 As Restated at Jun. 30, 2021 | [1] | $ 113,882 | (99,510) | (1,159) | $ 13,213 |
Beginning balance (in shares) at Jun. 30, 2021 | 256,379,931 | 256,379,931 | |||
Exercise of warrants | $ 543 | $ 543 | |||
Exercise of warrants (in shares) | 871,750 | ||||
Exercise of options | $ 483 | $ 483 | |||
Exercise of options (in shares) | 2,051,533 | 2,051,533 | |||
Debt conversions | $ 8,807 | $ 8,807 | |||
Debt conversions (in shares) | 12,386,357 | ||||
Share-based compensation | $ 1,745 | 1,745 | |||
Reporting currency presentation | 166 | 166 | |||
Private placement – June 2022 | 3,711 | 3,711 | |||
Loss for the year | (10,887) | (10,887) | |||
Fair value of warrants granted | 14 | 14 | |||
Private placement – May 2021 | 3,711 | 3,711 | |||
Share issuance costs | (130) | (130) | |||
Private placement may 2022 | 4,981,035 | ||||
Balance, June 30, 2022 As Restated at Jun. 30, 2022 | [1] | $ 129,055 | (110,397) | (993) | $ 17,665 |
Ending balance (in shares) at Jun. 30, 2022 | 276,670,606 | 276,670,606 | |||
Balance, June 30, 2021 As Restated at Sep. 30, 2021 | $ 115,896 | (101,598) | (1,035) | $ 13,263 | |
Beginning balance (in shares) at Sep. 30, 2021 | 259,118,369 | ||||
Exercise of options | 299 | $ 299 | |||
Debt conversions | 3,172 | 3,172 | |||
Share-based compensation | 1,568 | 1,568 | |||
Reporting currency presentation | (14) | (14) | |||
Loss for the year | (3,992) | (3,992) | |||
Balance, June 30, 2022 As Restated at Dec. 31, 2021 | 120,935 | (105,590) | (1,049) | $ 14,296 | |
Ending balance (in shares) at Dec. 31, 2021 | 264,026,990 | ||||
Exercise of warrants | |||||
Exercise of options | 10 | 10 | |||
Debt conversions | 2,100 | 2,100 | |||
Share-based compensation | |||||
Reporting currency presentation | (38) | (38) | |||
Loss for the year | (2,000) | (2,000) | |||
Balance, June 30, 2022 As Restated at Mar. 31, 2022 | $ 123,045 | $ (107,590) | $ (1,087) | $ 14,368 | |
Ending balance (in shares) at Mar. 31, 2022 | 268,083,716 | ||||
[1]Amounts are restated. See Note 2 for more information. |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (the “Company”) was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one These consolidated financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project. These matters raised substantial doubt about the Company's ability to continue as a going concern, and the Company is dependent upon the generation of profits from mineral properties, obtaining additional financing and maintaining continued support from its shareholders and creditors. |
RESTATEMENT
RESTATEMENT | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
RESTATEMENT | 2. RESTATEMENT The Company previously issued a convertible debt security (the “Lind III Convertible Security”) pursuant to a definitive convertible security funding agreement, dated February 16, 2021 (the “Lind III Agreement”), between the Company and Lind Global Asset Management III, LLC (“Lind III”). Pursuant to the Lind III Agreement, Lind III is entitled to convert the Lind III Convertible Security into common shares, without par value, of the Company (“Common Shares”) in monthly installments over its term at a price per Common Share equal to 85% of the volume-weighted average price per Common Share on the Toronto Stock Exchange for the five trading days immediately preceding the date on which Lind III provides notice to the Company of its election to convert a portion thereof. Each conversion of a portion of the Lind III Convertible Security into Common Shares results in a partial extinguishment of the debt, for which a proportionate amount of the related debt discounts and deferred financing costs should have been recognized as a loss on extinguishment. The Company originally accounted for the unamortized debt discounts and deferred financing costs using a “prospective approach.” Under this “prospective approach,” upon conversion of a portion of the Lind III Convertible Security, a new effective interest rate was computed based on the post-conversion carrying value of the Lind III Convertible Security and the revised estimated remaining cash flows. Using this “prospective approach,” changes in amortization of debt discounts and deferred financing costs were included in future interest expense on a prospective basis. The change in the timing of expensing debt discounts and unamortized deferred financing costs upon extinguishments of debt related to debt conversions is a non-cash item that affects the timing of recognition, but not the total amount of expense to be recognized over the life of the convertible debt instrument. The loss on extinguishment is included in accretion and amortization expense for convertible debt, which is disclosed as a part of interest expense in the Company’s consolidated statements of operations and comprehensive loss and is not included as a component of operating costs. The net loss restatement impacts include minor adjustments to account for foreign exchange impacts, as the U.S. dollar-denominated Lind III Convertible Security is carried on the Canadian parent company books. This correction to the Company’s consolidated statements of operations and comprehensive loss also impacts the Company’s consolidated balance sheets, consolidated statements of shareholders’ equity, and certain notes to the consolidated financial statements (i) for the fiscal years ended June 30, 2022 and 2021; and (ii) for the interim periods ended September 30, 2021, December 31, 2021 and March 31, 2022, as illustrated in Note 16. This correction does not impact the consolidated statements of cash flows besides offsetting adjustments between net loss, accretion of convertible debt, and foreign exchange (gain) loss within the cash flows from operating activities section. NioCorp Developments Ltd. Schedule of Consolidated Balance Sheet Consolidated Balance Sheet As of June 30, 2021 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 7,317 $ - $ 7,317 Prepaid expenses and other 24 - 24 Total current assets 7,341 - 7,341 Non-current Deposits 35 - 35 Investment in equity securities 16 - 16 Right-of-use assets 156 - 156 Land and buildings, net 837 - 837 Mineral properties 16,085 - 16,085 Total assets $ 24,470 $ - $ 24,470 LIABILITIES Current Accounts payable and accrued liabilities $ 408 - $ 408 Related party loan 2,318 - 2,318 Convertible debt, current portion 1,123 - 1,123 Operating lease liability 69 - 69 Total current liabilities 3,918 - 3,918 Non-current Convertible debt, net of current 6,784 450 7,234 Operating lease liability 105 - 105 Total liabilities 10,807 450 11,257 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, no unlimited 256,379,931 113,882 - 113,882 Accumulated deficit (99,076 ) (434 ) (99,510 ) Accumulated other comprehensive loss (1,143 ) (16 ) (1,159 ) Total shareholders' equity 13,663 (450 ) 13,213 Total liabilities and equity $ 24,470 $ - $ 24,470 Consolidated Statement of Operations and Comprehensive Loss For the Year Ended June 30, 2021 Schedule of Operations and Comprehensive Loss As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,655 $ - $ 1,655 Professional fees 386 - 386 Exploration expenditures 1,056 - 1,056 Other operating expenses 995 - 995 Total operating expenses 4,092 - 4,092 Change in financial instrument fair value (32 ) - (32 ) Other income (208 ) - (208 ) Loss on debt extinguishment 163 - 163 Foreign exchange gain (729 ) 4 (725 ) Interest expense 1,113 430 1,543 Gain on equity securities (9 ) - (9 ) Loss before income taxes 4,390 434 4,824 Income tax benefit - - - Net loss $ 4,390 $ 434 $ 4,824 Other comprehensive loss: Net loss $ 4,390 $ 434 $ 4,824 Other comprehensive (gain) loss: Reporting currency translation 788 16 804 Total comprehensive loss $ 5,178 $ 450 $ 5,628 Loss per common share, basic and diluted $ 0.02 $ - $ 0.02 Weighted average common shares outstanding 241,967,116 - 241,967,116 Consolidated Statement of Cash Flows For the Year Ended June 30, 2021 Schedule of Consolidated Statement of Cash Flows As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (4,390 ) $ (434 ) $ (4,824 ) Adjustments for: Noncash lease activity 30 - 30 Change in financial instrument fair value (32 ) - (32 ) Unrealized gain on equity securities (9 ) - (9 ) Accretion of convertible debt 670 430 1,100 Foreign exchange loss (gain) (665 ) 4 (661 ) Gain on debt forgiveness (196 ) - (196 ) Loss on debt extinguishment 163 - 163 Share-based compensation 797 - 797 Total (3,632 ) - (3,632 ) Change in working capital items: Prepaid expenses 9 - 9 Accounts payable and accrued liabilities (1,103 ) - (1,103 ) Net cash used in operating activities (4,726 ) - (4,726 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of mineral rights (5,468 ) - (5,468 ) Acquisition of land and buildings (837 ) - (837 ) Net cash used in investing activities (6,305 ) - (6,305 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 10,677 - 10,677 Share issue costs (174 ) - (174 ) Issuance of convertible debt, net of costs 9,477 - 9,477 Loan repayments (406 ) - (406 ) Related party debt draws - - - Related party debt repayments (1,500 ) - (1,500 ) Long term debt funding - - - Net cash provided by financing activities 18,074 - 18,074 Exchange rate effect on cash and cash equivalents (33 ) - (33 ) Change in cash and cash equivalents during period 7,010 - 7,010 Cash and cash equivalents, beginning of period 307 - 307 Cash and cash equivalents, end of period $ 7,317 $ - $ 7,317 Consolidated Statement of Shareholders’ Equity For the Year Ended June 30, 2021 Schedule of Consolidated Statement of Shareholders’ Equity Common Stock Outstanding Common Stock Deficit Accumulated other comprehensive income Total As Previously Reported Balance, June 30, 2020 235,925,684 $ 97,682 $ (94,686 ) $ (355 ) $ 2,641 Exercise of warrants 9,106,283 5,338 - - 5,338 Exercise of options 2,952,296 215 - - 215 Fair value of warrants granted - 1,795 - - 1,795 Private placement – May 2021 4,334,157 5,124 - - 5,124 Debt conversions 4,061,511 3,106 - - 3,106 Share issuance costs - (175 ) - - (175 ) Share-based compensation - 797 - - 797 Reporting currency presentation - - - (788 ) (788 ) Loss for the year - - (4,390 ) - (4,390 ) Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Restatement Impacts Balance, June 30, 2020 - $ - $ - $ - $ - Reporting currency presentation - - - (16 ) (16 ) Loss for the year - - (434 ) - (434 ) Balance, June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Restated Balance, June 30, 2020 235,925,684 $ 97,682 $ (94,686 ) $ (355 ) $ 2,641 Exercise of warrants 9,106,283 5,338 - - 5,338 Exercise of options 2,952,296 215 - - 215 Fair value of warrants granted - 1,795 - - 1,795 Private placement – May 2021 4,334,157 5,124 - - 5,124 Debt conversions 4,061,511 3,106 - - 3,106 Share issuance costs - (175 ) - - (175 ) Share-based compensation - 797 - - 797 Reporting currency presentation - - - (804 ) (804 ) Loss for the year - - (4,824 ) - (4,824 ) Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Notes to Consolidated Financial Statements Consolidated Balance Sheet As of June 30, 2022 Schedule of Consolidated Balance Sheet As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 5,280 $ - $ 5,280 Prepaid expenses and other 402 - 402 Total current assets 5,682 - 5,682 Non-current Deposits 35 - 35 Investment in equity securities 10 - 10 Right-of-use assets 94 - 94 Land and buildings, net 850 - 850 Mineral properties 16,085 - 16,085 Total assets $ 22,756 $ - $ 22,756 LIABILITIES Current Accounts payable and accrued liabilities $ 817 $ - $ 817 Related party loan 2,000 - 2,000 Convertible debt, current portion 796 1,373 2,169 Operating lease liability 82 82 Total current liabilities 3,695 1,373 5,068 Non-current Convertible debt, net of current - - - Operating lease liability 23 - 23 Total liabilities 3,718 1,373 5,091 Commitments and contingencies SHAREHOLDERS’ EQUITY Common stock, no par value, unlimited shares authorized; shares outstanding:276,670,606 at June 30, 2022 and 256,379,931 at June 30, 2021 129,055 - 129,055 Accumulated deficit (109,005 ) (1,392 ) (110,397 ) Accumulated other comprehensive loss (1,012 ) 19 (993 ) Total shareholders’ equity 19,038 (1,373 ) 17,665 Total liabilities and equity $ 22,756 $ - $ 22,756 Consolidated Statement of Operations and Comprehensive Loss Schedule of Operations and Comprehensive Loss As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 2,150 $ - $ 2,150 Professional fees 684 - 684 Exploration expenditures 3,309 - 3,309 Other operating expenses 1,653 - 1,653 Total operating expenses 7,796 - 7,796 Change in financial instrument fair value - - - Other income - - - Loss on debt extinguishment - - - Foreign exchange loss 221 37 258 Interest expense 1,906 921 2,827 Loss on equity securities 6 - 6 Loss before income taxes 9,929 958 10,887 Income tax benefit - - - Net loss $ 9,929 $ 958 $ 10,887 Other comprehensive loss: Net loss $ 9,929 $ 958 $ 10,887 Other comprehensive gain: Reporting currency translation (131 ) (35 ) (166 ) Total comprehensive loss $ 9,798 $ 923 $ 10,721 Loss per common share, basic and diluted $ 0.04 $ - $ 0.04 Weighted average common shares outstanding 263,737,227 - 263,737,227 Consolidated Statement of Cash Flows Schedule Of Cash Flow As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (9,929 ) $ (958 ) $ (10,887 ) Adjustments for: - Noncash lease activity (7 ) - (7 ) Change in financial instrument fair value - - - Depreciation 3 - 3 Unrealized loss (gain) on equity securities 6 - 6 Accretion of convertible debt 1,696 921 2,617 Foreign exchange loss (gain) 294 37 331 Gain on debt forgiveness - - - Loss on debt extinguishment - - - Share-based compensation 1,745 - 1,745 Total (6,192 ) - (6,192 ) Change in working capital items: Prepaid expenses (377 ) - (377 ) Accounts payable and accrued liabilities 419 - 419 Net cash used in operating activities (6,150 ) - (6,150 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of mineral rights - - - Acquisition of land and buildings (16 ) - (16 ) Net cash used in investing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 4,737 - 4,737 Share issue costs (118 ) - (118 ) Issuance of convertible debt, net of costs - - - Loan repayments - - - Related party debt draws - - - Related party debt repayments (318 ) - (318 ) Long term debt funding - - - Net cash provided by financing activities 4,301 - 4,301 Exchange rate effect on cash and cash equivalents (172 ) - (172 ) Change in cash and cash equivalents during period (2,037 ) - (2,037 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalents, end of period $ 5,280 $ - $ 5,280 Consolidated Statement of Shareholders’ Equity Schedule Of Shareholders’ Equity Common Stock Outstanding Common Stock Deficit Accumulated other comprehensive income Total As Previously Reported Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 2,051,533 483 - - 483 Fair value of warrants granted - 14 - - 14 Private placement – June 2022 4,981,035 3,711 - - 3,711 Debt conversions 12,386,357 8,807 - - 8,807 Share issuance costs - (130 ) - - (130 ) Share-based compensation - 1,745 - - 1,745 Reporting currency presentation - - - 131 131 Loss for the year - - (9,929 ) - (9,929 ) Balance, June 30, 2022 276,670,606 $ 129,055 $ (109,005 ) $ (1,012 ) $ 19,038 Restatement Impacts Balance, June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - 35 35 Loss for the year - - (958 ) - (958 ) Balance, June 30, 2022 - $ - $ (1,392 ) $ 19 $ (1,373 ) Restated Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 2,051,533 483 - - 483 Fair value of warrants granted - 14 - - 14 Private placement – June 2022 4,981,035 3,711 - - 3,711 Debt conversions 12,386,357 8,807 - - 8,807 Share issuance costs - (130 ) - - (130 ) Share-based compensation - 1,745 - - 1,745 Reporting currency presentation - - - 166 166 Loss for the year - - (10,887 ) - (10,887 ) Balance, June 30, 2022 276,670,606 $ 129,055 $ (110,397 ) $ (993 ) $ 17,665 |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PREPARATION | 3. BASIS OF PREPARATION a) Basis of Preparation and Consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the U.S. (“U.S. GAAP”). Certain transactions include reference to Canadian dollars (“C$”) where applicable. These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Schedule of intercompany transactions and balances Country of incorporation Ownership at June 30, 2022 2021 0896800 BC Ltd. (“0896800”) Canada 100% 100% Elk Creek Resources Corp. (“ECRC”) USA 100% 100% b) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 4. SIGNIFICANT ACCOUNTING POLICIES a) Development Stage Issuer The Company is considered to be a development stage issuer under Subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (“S-K 1300”), and it devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to seek additional funding to support the completion of its exploration and development activities. The Company’s activities are subject to significant risks and uncertainties, including its ability to secure sufficient funding to continue operations, to obtain proven and probable reserves, to comply with industry regulations and obtain permits necessary for development of the Elk Creek Project, as well as environmental risks and market conditions. b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks, investments in certificates of deposit with original maturities of 90 days or less, and money market funds. c) Foreign Currency Translation Functional and reporting currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of the Company is the Canadian dollar and the functional currency for Elk Creek Resources Corp., a wholly owned subsidiary, is the U.S. dollar. The reporting currency for these consolidated financial statements is U.S. dollars. Transactions in foreign currency Transactions made in a currency other than the functional currency are remeasured to the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are remeasured to the functional currency at the exchange rate at that date and non-monetary assets and liabilities are remeasured at historical rates. Foreign currency translation gains and losses are included in profit or loss. Translation to reporting currency The results and financial position of entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date. ● Income and expenses for each statement of income are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. ● All resulting exchange differences are recognized in other comprehensive income. d) Mineral Properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of Common Shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under S-K 1300, and the Board of Directors has approved the commencement of formal development activities, development costs related to such reserves and incurred after such board approval will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. The recoverability of the carrying values of mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of a project will depend on, among other things, management’s ability to raise sufficient capital for these purposes. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, an impairment loss will be recorded. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. There was no impairment recorded to mineral properties as of June 30, 2022 or 2021, respectively. e) Long Lived Assets Long-lived assets, other than mineral properties, held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There was no impairment recorded to long-lived assets as of June 30, 2022 or 2021, respectively. f) Leases Under Accounting Standards Codification (“ASC”) 842, “Leases,” we determine if a contractual arrangement is, or contains, a lease at the inception date. Right-of-use (“ROU”) assets and liabilities related to operating leases are separately reported in the consolidated balance sheets. The Company currently has no finance leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. Variable lease expenses are recorded when incurred. g) Financial Instruments The Company’s financial instruments consist of cash, receivables, equity securities, accounts payable and accrued liabilities, convertible debt and the related party loan. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these instruments approximate their carrying value unless otherwise noted. h) Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, The Company holds investments or maintains available cash primarily in two commercial banks located in Vancouver, British Columbia and Santa Clara, California. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. i) Asset Retirement Obligation The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. Until such time that a project life is established, the Company records the corresponding cost as an exploration stage expense and has accrued $ 48 48 Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early-stage nature of the Elk Creek Project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. j) Income Taxes Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25, “Income Taxes – Recognition.” (expressed in thousands of U.S. dollars, except share and per share data) k) Basic and Diluted Per Share Disclosure Basic net loss per share is computed by dividing net loss by the weighted average number of Common Shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of Common Share equivalents outstanding for the period determined using the treasury stock method or the if-converted method, as applicable. For purposes of this calculation, options to purchase Common Shares (“Options”) and warrants to purchase Common Shares (“Warrants”) are considered to be Common Share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying Options, Warrants, and outstanding convertible debt were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the years ended June 30, 2022, 2021, and 2020, as indicated below. Schedule of excluded from the dilutive securities As of June 30, Excluded potentially dilutive securities (1) 2022 2021 2020 Options 14,464,000 15,965,000 19,129,409 Warrants 18,516,253 14,341,868 12,376,451 Convertible debt 4,152,000 14,557,000 1,144,773 Total potential dilutive securities 37,132,253 44,863,868 32,650,633 (1) The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive. l) Share Based Compensation The Company grants stock options to directors, officers, and employees. Option terms and vesting conditions are at the discretion of the Board of Directors. The option exercise price is equal to the closing market price on the Toronto Stock Exchange on the day preceding the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company recognizes forfeitures as they occur. m) Recent Accounting Standards Issued and Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on July 1, 2021, with no material effect on the Company’ s current financial position, results of operations or financial statement disclosures. Issued and Not Effective In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which simplifies the accounting for convertible instruments. ASU 2020-06 removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company will adopt ASU 2020-06 on July 1, 2022, and does not expect this adoption will not have any effect on the Company’ s current financial position, results of operations or financial statement disclosures. From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. |
GOING CONCERN ISSUES
GOING CONCERN ISSUES | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN ISSUES | 5. GOING CONCERN ISSUES The Company incurred a loss of $ 10,887 4,824 4,001 110,397 5,280 The Company’s ability to continue operations and fund its expenditures, which have historically averaged approximately $ 1,160 Since March 2020, several measures have been implemented in the United States, Canada, and the rest of the world in response to the increased impact from the novel coronavirus (“COVID-19”) pandemic and subsequent COVID-19 variants. In addition, recent worldwide events have created general global economic uncertainty as well as uncertainty in capital markets, supply chain disruptions, increased interest rates, and the potential for geographic recessions. We believe this could have an adverse impact on our ability to obtain financing, development plans, results of operations, financial position, and cash flows during the current fiscal year. The full extent to which the COVID-19 pandemic and our precautionary measures may continue to impact our business will depend on future developments, which continue to be highly uncertain and cannot be predicted at this time. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Jun. 30, 2022 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTIES | 6. MINERAL PROPERTIES During the year ended June 30, 2011, the Company completed the acquisition of the Elk Creek property through a share exchange agreement with 0859404 BC Ltd, a Canadian company, which owned all the issued and outstanding shares of ECRC. The Company issued 18,990,539 1,034,348 13,246 4,736 On April 23, 2021, ECRC formally closed the purchase of two parcels of land and associated buildings and mineral rights in Johnson County, Nebraska, associated with the Elk Creek Project, pursuant to an Amended and Restated Option to Purchase, dated as of April 29, 2020 (the “Option Agreement”). Pursuant to the terms of the Option Agreement, the Owner sold, transferred, conveyed and assigned all of her rights, privileges, title and interest in and to the real property to ECRC, including any associated mineral rights. The Option Agreement provided for a purchase price calculated based on the appraised value per acre of the parcels of land, the mineral rights and the structures erected on the land. The purchase price was approximately $ 6,300 57 837 5,468 In addition to the land and mineral rights currently owned by the Company, the property interests of Elk Creek include eight prepaid mineral exploration option-to-purchase agreements and include a pre-determined buyout for permanent ownership of the mineral and/or surface rights. Terms of the agreements require no further significant payments, and the Company may negotiate lease extensions or elect to purchase the mineral and/or surface rights any time. Agreements that allow for the purchase of mineral rights contain provisions whereby the landowners would retain a 2 |
LAND AND BUILDINGS, NET
LAND AND BUILDINGS, NET | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
LAND AND BUILDINGS, NET | 7. LAND AND BUILDINGS, NET Schedule of properties As of June 30, 2022 2021 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Land $ 811 $ - $ 811 $ 811 $ - $ 811 Buildings and other 45 6 39 29 3 26 $ 856 $ 6 $ 850 $ 840 $ 3 $ 837 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Schedule of account payable and accrued liabilities As of June 30, 2022 2021 Accounts payable, trade $ 115 $ 163 Trade payable accruals 654 157 Environmental accruals 48 48 Interest payable to related party (see Note 11) - 40 Total accounts payable and accrued liabilities $ 817 $ 408 |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | 9. CONVERTIBLE DEBT Schedule of convertible debt As of June 30, 2022 2021 (As Restated) (a) Current Portion: Lind III convertible security $ 2,169 $ - Nordmin note - 1,123 Total current portion $ 2,169 $ 1,123 Noncurrent Portion: Lind III convertible security $ - $ 7,234 (a) Amounts are restated. See Note 2 for more information. Lind III Convertible Security On February 19, 2021, the Company issued to Lind III, an entity managed by The Lind Partners, the Lind III Convertible Security pursuant to the Lind III Agreement, between the Company and Lind III. The Lind III Convertible Security has a face value of $ 11,700 8.5 350 9,650 The Lind III Convertible Security has a term of (i) 24 months (expressed in thousands of U.S. dollars, except share and per share data) The Lind III Convertible Security is secured by all of the assets and property of the Company and 0896800, including all of the issued and outstanding shares of 0896800 pledged by the Company and all of the issued and outstanding shares of ECRC pledged by 0896800, and certain real property and fixtures of ECRC. The liens securing the Lind III Convertible Security rank pari-passu with the liens securing a non-revolving credit facility (the “Smith Credit Agreement”) with a limit of $ 3,500 4,000 Pursuant to the Lind III Agreement, Lind III is entitled to convert the Lind III Convertible Security into Common Shares in monthly installments over its term at a price per Common Share equal to 85% of the volume-weighted average price Common Shares on the Toronto Stock Exchange (“TSX”) for the five trading days immediately preceding to the date on which Lind III provides notice to the Company of its election to convert. The Lind III Agreement provides that Common Shares issuable upon conversion, together with the number of Common Shares issued upon exercise of Warrants, shall not exceed 43,588,000 Common Shares. Subject to certain exceptions, the Lind III Agreement contains restrictions on how much of the Lind III Convertible Security may be converted in any particular month. The Lind III Agreement also provides NioCorp with the option to buy back the remaining face amount of the Lind III Convertible Security in cash at any time; provided that, if the Company exercises such option, Lind III will have the option to convert up to 33.33% of the remaining face amount into Common Shares at the price described above. On February 19, 2021, in connection with the funding and issuance of the Lind III Convertible Security, the Company issued 8,558,000 0.97 The Company identified embedded derivatives in the Lind III Convertible Security that were evaluated to be immaterial at both the closing date and at June 30, 2022. The Company allocated the net proceeds of $ 9,477 ● $1,712 was allocated to Common Stock, representing the fair value of the Lind III Warrants based on the Black Scholes pricing model using a risk-free interest rate of 0.40 0 51.60 4.0 ● $7,938 was allocated to the convertible debt liability. Transaction costs of $ 173 350 Based on the Company’s closing Common Share price of C$ 0.90 4,152,000 0.01 Company would be obligated to issue would change by approximately 47,000 shares. Changes in the Lind III Convertible Security are as follows: For the year ending June 30, 2022 2021 (As Restated) (a) Beginning balance $ 7,234 $ 7,765 Conversions (7,635 ) (1,600 ) Accretion expense 2,570 1,069 Balance, end of period $ 2,169 $ 7,234 (a) Amounts are restated. See Note 2 for more information. The Lind III Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding C$ 2.0 million Nordmin Note On December 18, 2020, the Company issued a convertible note in the principal amount of approximately $ 1,872 500,000 1,804 The Nordmin Note matured on December 18, 2021, and had no stated interest rate, an implied interest rate of 5 Pursuant to the terms of the Nordmin Agreement, on December 18, 2020, the Company issued 836,551 450 0.684 The Company accounted for this transaction as a debt extinguishment under Accounting Standards Codification 470, Debt. Accordingly, the Company wrote off the value of the existing obligation, calculated the fair value of the Nordmin Note and recorded a loss of $ 163 0 43.16 2.0 The Company initially recorded the Nordmin Note at a fair value of $1,740. The remaining initial fair value balance will be accreted up to net face value of the Nordmin Note over the remaining time until maturity using the effective interest method. In addition, transaction costs of $ 25 Changes in the Nordmin Note are as follows: Convertible Note Extinguishment of accounts payable $ 1,740 Conversions (668 ) Accretion expense 51 Balance, June 30, 2021 $ 1,123 Conversions (1,172 ) Accretion expense 49 Balance, June 30, 2022 - |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
COMMON STOCK | 10. COMMON STOCK a) Issuances Fiscal Year 2022 Issuances On June 30, 2022, the Company closed a non-brokered private placement (the “June 2022 Private Placement”) of units (the “Units”) of the Company. A total of 4,981,035 0.96 4.8 million 1.10 62 65,100 18 3.2 64 two Fiscal Year 2021 Issuances On May 10, 2021, the Company closed a non-brokered private placement (the “April 2021 Private Placement”) of Units of the Company. A total of 4,334,157 1.43 6,198 two 111 77,961 24 0.28 55 b) Stock Options On November 5, 2020, the Company’s shareholders voted to approve an amendment and restatement of its long term incentive plan (the “2017 Amended Long-Term Incentive Plan”) and the granting of incentive securities thereunder until November 5, 2023. Under the 2017 Amended Long-Term Incentive Plan, the Board may, in its discretion from time to time, grant Options and share units (in the form of restricted share units and performance share units) to directors, employees and certain other service providers (as defined in the 2017 Amended Long-Term Incentive Plan) of the Company and affiliated entities selected by the Board. Subject to adjustment as described in the 2017 Amended Long-Term Incentive Plan, the aggregate number of Common Shares that may be reserved for issuance to participants under the 2017 Amended Long-Term Incentive Plan, together with all other security-based compensation arrangements of the Company, may not exceed 10% of the issued and outstanding Common Shares from time to time, and the Common Shares reserved for issuance upon settlement of share units will not exceed 5% of the issued and outstanding Common Shares from time to time. The 2017 Amended Long-Term Incentive Plan limits the maximum number of Common Shares issued to insiders (as defined under TSX rules for this purpose) within any one-year period, or issuable to insiders at any time, in the aggregate, under all security-based compensation arrangements (including the 2017 Amended Long-Term Incentive Plan) to 10% of the then issued and outstanding Common Shares. The Board has power over the granting, amendment, administration or settlement of any award. Stock option transactions are summarized as follows: Number of Weighted Average Exercise Price Balance, July 1, 2019 19,449,909 C$0.62 Exercised (320,500 ) C$0.62 Balance, June 30, 2020 19,129,409 C$0.62 Granted 3,700,000 C$0.78 Exercised (2,952,296 ) C$0.61 Cancelled/expired (3,912,113 ) C$0.64 Balance, June 30, 2021 15,965,000 C$0.65 Granted 4,475,000 C$1.33 Exercised (2,051,533 ) C$0.70 Cancelled/expired (3,924,467 ) C$0.77 Balance, June 30, 2022 14,464,000 C$0.83 The following table summarizes the weighted average information and assumptions used to determine option costs: Schedule of information and assumptions used to determine option costs Year ended June 30, 2022 2021 2020 Fair value per option granted during the period (C$) $ 0.49 $ 0.25 - Risk-free interest rate 1.33 % 0.26 % - Expected dividend yield 0 % 0 % - Expected stock price volatility (historical basis) 54.4 % 54.1 % - Expected option life in years 3.0 3.0 - The following table summarizes information about stock options outstanding at June 30, 2022: Schedule of information about stock options outstanding Exercise Price Expiry Date Number Outstanding Aggregate Intrinsic Value Number Exercisable Aggregate Intrinsic Value C$0.47 November 9, 2022 2,804,000 C$1,206 2,804,000 C$1,206 C$0.84 September 18, 2023 1,050,000 63 1,050,000 63 C$0.54 November 15, 2023 3,785,000 1,362 3,785,000 1,362 C$0.75 December 14, 2023 1,825,000 274 1,825,000 274 C$0.75 December 16, 2023 525,000 79 525,000 79 C$1.36 December 17, 2024 3,975,000 - 3,975,000 - C$1.10 May 30, 2025 500,000 - 500,000 - Balance, June 30, 2022 14,464,000 C$2,984 14,464,000 C$2,984 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$ 0.90 9,989,000 was C$ 973 As of June 30, 2022, there was no unrecognized compensation cost related to unvested share-based compensation arrangements granted. c) Warrants Warrant transactions are summarized as follows: Schedule of warrant transactions Warrants Weighted Average Exercise Price Balance, July 1, 2019 21,374,801 C$0.78 Exercised (664,549 ) C$0.69 Expired (8,333,801 ) C$0.86 Balance, June 30, 2020 12,376,451 C$0.74 Granted: Nordmin warrants 500,000 C$0.80 Lind III Warrants 8,558,000 C$0.97 April 2021 private placement 4,412,118 C$1.63 Exercised (9,106,283 ) C$0.75 Expired (2,398,418 ) C$0.73 Balance, June 30, 2021 14,341,868 C$1.16 Granted: June 2022 private placement 5,046,135 C$1.10 Exercised (871,750 ) C$0.78 Balance, June 30, 2022 18,516,253 C$1.16 At June 30, 2022, the Company has outstanding exercisable warrants, as follows: Schedule of outstanding exercisable warrants Number Exercise Price Expiry Date 500,000 C$0.80 December 18, 2022 4,412,118 C$1.63 May 10, 2023 5,046,135 C$1.10 June 30, 2024 8,558,000 C$0.97 February 19, 2025 18,516,253 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 11. RELATED PARTY TRANSACTIONS AND BALANCES The Company had a loan with Mark Smith, President, Chief Executive Officer (“CEO”) and Executive Chairman of NioCorp (the “Original Smith Loan”), that bore an interest rate of 10%, was secured by the Company’s assets pursuant to a concurrently executed general security agreement (the “General Security Agreement”) and was subject to both a 2.5 2.5 1,000 272 The Company has a non-revolving credit facility agreement (the “Smith Credit Agreement”) with an original amount of $ 2,000 2.5 On January 17, 2020, the Company entered into an amending agreement to the Smith Credit Agreement, increasing the limit of the non-revolving credit facility to $ 2,500 3,000 3,500 Changes in the Smith Credit Agreement principal balance are as follows: Schedule of related party balances For the year ending June 30, 2022 2021 Beginning balance $ 2,318 $ 3,818 Repayments (318 ) (1,500 ) Balance, end of period $ 2,000 $ 2,318 During fiscal year 2022 and 2021, the Company paid a total of $ 252 535 Accounts payable and accrued liabilities as of June 30, 2022, include nil accrued interest payable to Mr. Smith under the Smith Credit Agreement. |
EXPLORATION EXPENDITURES
EXPLORATION EXPENDITURES | 12 Months Ended |
Jun. 30, 2022 | |
Exploration Expenditures | |
EXPLORATION EXPENDITURES | 12. EXPLORATION EXPENDITURES Schedule of exploration expenditures For the year ended June 30, 2022 2021 2020 Feasibility study and engineering $ 334 $ 79 $ 40 Field management and other 569 656 985 Metallurgical 2,218 272 176 Geologists and field staff 188 49 - Total $ 3,309 $ 1,056 $ 1,201 |
LEASES
LEASES | 12 Months Ended |
Jun. 30, 2022 | |
Leases | |
LEASES | 13. LEASES Effective August 1, 2020, the Company entered into a three-year corporate office lease extension and recognized the corresponding ROU asset and lease liability associated with this lease extension, along with two existing building leases located at the Elk Creek Project. 16 As of June 30, 2022, the Company has one corporate office lease with a remaining lease term of 1.3 90 64 The Company incurred lease costs as follows: For the year ended June 30, 2022 2021 2020 1 Operating Lease Cost: Fixed rent expense $ 83 $ 106 $ 114 Variable rent expense 12 7 - Short term lease cost 16 13 12 Sublease income (26 ) (18 ) (12 ) Net lease cost $ 85 $ 108 $ 114 Lease cost – other operating expense $ 85 $ 89 $ 98 Lease cost – exploration expenditures - 19 16 Net lease cost $ 85 $ 108 $ 114 1 Fixed rent expense for fiscal year 2020 represents rental costs associated with contracts with de minimis ROU and lease liability balances. The maturity of lease liabilities is as follows at June 30, 2022: Fiscal Year Lease Maturities 2023 $ 92 2024 23 Total lease payments 115 Less amount of payments representing interest (10 ) Present value of lease payments 105 Less current portion of operating lease liability (82 ) Noncurrent operating lease liability $ 23 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 14. INCOME TAXES Domestic and foreign components of loss before income taxes for the years ended June 30, 2022, 2021 and 2020 are as follows: For the year ended June 30, 2022 2021 2020 (As Restated) (a) (As Restated) (a) Canada $ 6,918 $ 3,362 $ 2,473 United States 3,969 1,462 1,528 Total $ 10,887 $ 4,824 $ 4,001 (a) Amounts are restated. See Note 2 for more information. The following table is a reconciliation of income taxes at statutory rates: For the year ended June 30, 2022 2021 2020 (As Restated) (a) (As Restated) (a) Loss before income taxes $ 10,887 $ 4,824 $ 4,001 Combined federal and provincial statutory income tax rate 27 % 27 % 27 % Income tax benefit at statutory tax rates 2,940 1,303 1,080 Foreign rate differential (72 ) (31 ) (30 ) Share based compensation (462 ) (212 ) (41 ) Change in estimates related to prior years (274 ) 739 (4 ) Accretion expense (407 ) (158 ) - Capital loss rate differential (38 ) 182 - Change in valuation allowance (1,713 ) (1,841 ) (946 ) Other 26 18 (59 ) Income tax benefit $ - $ - $ - (a) Amounts are restated. See Note 2 for more information. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes are as follows: As of June 30, 2022 2021 (As Restated) (a) Deferred tax assets Mineral interests $ 9,477 $ 8,658 Net operating losses available for future periods 8,977 7,880 Capital losses available for future periods 420 643 Other 74 54 Total deferred tax assets 18,948 17,235 Valuation allowance (18,948 ) (17,235 ) Net deferred tax assets $ - $ - (a) Amounts are restated. See Note 2 for more information. During the years ended June 30, 2022 and 2021, we identified errors in the recognition of capital losses related to realized mineral property write downs and foreign exchange gains and losses in Canada which resulted in changes to capital losses available for future periods, net operating loss carryforwards, and other of $ (221) nil (3) 660 61 30 Changes in the valuation allowance are as follows: For the year ended June 30, 2022 2021 (As Restated) (a) Valuation allowance, beginning of year $ (17,235 ) $ (15,394 ) Current year additions (1,713 ) (1,841 ) Valuation allowance, end of year $ (18,948 ) $ (17,235 ) (a) Amounts are restated. See Note 2 for more information. The Company establishes a valuation allowance against future income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowance of $ 18,948 The Company has the following cumulative net operating losses for Canadian and U.S. income tax purposes and these carryforwards will generally expire between 2026 and 2041. As a result of the Tax Cuts and Jobs Act of 2017, U.S. tax losses incurred for tax years commencing in 2018 have no expiration. As of June 30, 2022 2021 Jurisdiction (As Restated) (a) Canada $ 31,551 $ 28,744 United States 2,460 2,179 Total $ 34,011 $ 30,923 (a) Amounts are restated. See Note 2 for more information. In addition, the Company has a Canadian capital loss carryforward of $ 3,456 The Company had no unrecognized tax benefits as of June 30, 2022 or 2021. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in its income tax provision. The Company has not recognized any interest or penalties in the fiscal years presented in these financial statements. The Company is subject to income tax in the U.S. federal jurisdiction and Canada. Certain years remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 15. FAIR VALUE MEASUREMENTS The Company measures the fair value of financial assets and liabilities based on U.S. GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized in income. Financial instruments, including receivables, accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and 2021, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the financial instrument, and included situations where there is little, if any, market activity for the instrument: Schedule of fair values determined by level 3 inputs are unobservable data As of June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 5,280 $ 5,280 $ - $ - Investment in equity securities 10 10 - - Total $ 5,290 $ 5,290 $ - $ - Liabilities $ - $ - $ - $ - As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 7,317 $ 7,317 $ - $ - Investment in equity securities 16 16 - - Total $ 7,333 $ 7,333 $ - $ - Liabilities $ - $ - $ - $ - As discussed in Note 9, the Nordmin Note and Lind III Convertible Security were initially recorded at fair value, which represents a nonrecurring fair value measurement using a Level 3 input. These loans are privately held with no public market for this debt and therefore were initially classified as a Level 3 fair value measurement. The significant unobservable valuation inputs for the Nordmin Note and Lind III Convertible Security included an expected return of 7 21 At June 30, 2022 and 2021, the estimated fair value of the Lind III Convertible Security approximated carrying value given that the instrument was issued in 2021 and had a short time period until maturity. At June 30, 2021, the estimated fair value of the Nordmin Note approximated carrying value given that the instrument was issued in fiscal year 2021 and had short time period until maturity. |
RESTATEMENT OF UNAUDITED QUARTE
RESTATEMENT OF UNAUDITED QUARTERLY RESULTS | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
RESTATEMENT OF UNAUDITED QUARTERLY RESULTS | 16. RESTATEMENT OF UNAUDITED QUARTERLY RESULTS The adjustments in the tables below reflect the impacts of the restatement discussed in Note 2 on our unaudited quarterly financial statements for the three months ended September 30, 2021, the three and six months ended December 31, 2021, and the three and nine months ended March 31, 2022. Schedule of Condensed Consolidated Balance Sheet Condensed Consolidated Balance Sheet (unaudited) As of September 30, 2021 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 5,868 $ - $ 5,868 Prepaid expenses and other 294 - 294 Total current assets 6,162 - 6,162 Non-current Deposits 35 - 35 Investment in equity securities 14 - 14 Right-of-use assets 141 - 141 Land and buildings, net 852 - 852 Mineral properties 16,085 - 16,085 Total assets $ 23,289 $ - $ 23,289 LIABILITIES Current Accounts payable and accrued liabilities $ 310 $ - $ 310 Related party loan 2,000 - 2,000 Convertible debt, current portion 396 - 396 Operating lease liability 72 - 72 Total current liabilities 2,778 - 2,778 Non-current Convertible debt, net of current 6,599 563 7,162 Operating lease liability 86 - 86 Total liabilities 9,463 563 10,026 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, no unlimited 259,118,369 115,896 - 115,896 Accumulated deficit (101,036 ) (562 ) (101,598 ) Accumulated other comprehensive loss (1,034 ) (1 ) (1,035 ) Total shareholders' equity 13,826 (563 ) 13,263 Total liabilities and equity $ 23,289 $ - $ 23,289 Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the Three Months Ended September 30, 2021 For the three months ended September 30, 2021 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 319 $ - $ 319 Professional fees 90 - 90 Exploration expenditures 621 - 621 Other operating expenses 226 - 226 Total operating expenses 1,256 - 1,256 Foreign exchange loss 210 15 225 Interest expense 492 113 605 Other loss on equity securities 2 - 2 Loss before income taxes 1,960 128 2,088 Income tax benefit - - - Net loss $ 1,960 $ 128 $ 2,088 Other comprehensive loss: Net loss $ 1,960 $ 128 $ 2,088 Other comprehensive loss: Reporting currency translation (109 ) (15 ) (124 ) Total comprehensive loss $ 1,851 $ 113 $ 1,964 Loss per common share, basic and diluted $ 0.01 $ - $ 0.01 Weighted average common shares outstanding 258,023,048 - 258,023,048 (expressed in thousands of U.S. dollars, except share and per share data) Schedule of Condensed Consolidated of Cash Flows (unaudited) Condensed Consolidated Statement of Cash Flows (unaudited) For the Three Months Ended September 30, 2021 As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (1,960 ) $ (128 ) $ (2,088 ) Non-cash elements included in net loss: Unrealized loss (gain) on equity securities 2 - 2 Accretion of convertible debt 438 113 551 Noncash lease expense (1 ) - (1 ) Depreciation 1 - 1 Foreign exchange loss (gain) 273 15 288 (1,247 ) - (1,247 ) Change in working capital items: Prepaid expenses (270 ) - (270 ) Accounts payable and accrued liabilities (92 ) - (92 ) Net cash used in operating activities (1,609 ) - (1,609 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of land and buildings (16 ) - (16 ) Net cash used in financing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 664 - 664 Related party debt repayments (318 ) - (318 ) Net cash provided by financing activities 346 - 346 Exchange rate effect on cash and cash equivalents (170 ) - (170 ) Change in cash and cash equivalents during period (1,449 ) - (1,449 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalent, end of period $ 5,868 $ - $ 5,868 Schedule of Condensed Consolidated Statement of Shareholder’s Equity Condensed Consolidated Statement of Shareholders' Equity (unaudited) For the three months ended September 30, 2021 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 282,702 121 - - 121 Debt conversions 1,583,986 1,350 - - 1,350 Reporting currency presentation - - - 109 109 Loss for the period - - (1,960 ) - (1,960 ) Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,036 ) $ (1,034 ) $ 13,826 Restatement Impacts Balance, June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - 15 15 Loss for the period - - (128 ) - (128 ) Balance, September 30, 2021 - $ - $ (562 ) $ (1 ) $ (563 ) Restated Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 282,702 121 - - 121 Debt conversions 1,583,986 1,350 - - 1,350 Reporting currency presentation - - - 124 124 Loss for the period - - (2,088 ) - (2,088 ) Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,598 ) $ (1,035 ) $ 13,263 (expressed in thousands of U.S. dollars, except share and per share data) Schedule of Condensed Consolidated Balance Sheet Condensed Consolidated Balance Sheet (unaudited) As of December 31, 2021 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 4,866 $ - $ 4,866 Prepaid expenses and other 279 - 279 Total current assets 5,145 - 5,145 Non-current Deposits 35 - 35 Investment in equity securities 11 - 11 Right-of-use assets 126 - 126 Land and buildings, net 852 - 852 Mineral properties 16,085 - 16,085 Total assets $ 22,254 $ - $ 22,254 LIABILITIES Current Accounts payable and accrued liabilities $ 458 $ - $ 458 Related party loan 2,000 - 2,000 Convertible debt, current portion - - - Operating lease liability 76 - 76 Total current liabilities 2,534 - 2,534 Non-current Convertible debt, net of current 4,262 1,096 5,358 Operating lease liability 66 - 66 Total liabilities 6,862 1,096 7,958 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, no unlimited 264,026,990 120,935 - 120,935 Accumulated deficit (104,494 ) (1,096 ) (105,590 ) Accumulated other comprehensive loss (1,049 ) - (1,049 ) Total shareholders' equity 15,392 (1,096 ) 14,296 Total liabilities and equity $ 22,254 $ - $ 22,254 Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the three months ended December 31, 2021 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,232 $ - $ 1,232 Professional fees 424 - 424 Exploration expenditures 491 - 491 Other operating expenses 881 - 881 Total operating expenses 3,028 - 3,028 Foreign exchange gain (61 ) - (61 ) Interest expense 488 534 1,022 Other loss (gain) on equity securities 3 - 3 Loss before income taxes 3,458 534 3,992 Income tax benefit - - - Net loss $ 3,458 $ 534 $ 3,992 Other comprehensive loss: Net loss $ 3,458 $ 534 $ 3,992 Other comprehensive loss: Reporting currency translation 15 (1 ) 14 Total comprehensive loss $ 3,473 $ 533 $ 4,006 Loss per common share, basic and diluted $ 0.01 $ - $ 0.01 Weighted average common shares outstanding 261,392,248 - 261,392,248 Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the six months ended December 31, 2021 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,551 $ - $ 1,551 Professional fees 514 - 514 Exploration expenditures 1,112 - 1,112 Other operating expenses 1,107 - 1,107 Total operating expenses 4,284 - 4,284 Foreign exchange loss 149 15 164 Interest expense 980 647 1,627 Other loss on equity securities 5 - 5 Loss before income taxes 5,418 662 6,080 Income tax benefit - - - Net loss $ 5,418 $ 662 $ 6,080 Other comprehensive loss: Net loss $ 5,418 $ 662 $ 6,080 Other comprehensive loss: Reporting currency translation (94 ) (16 ) (110 ) Total comprehensive loss $ 5,324 $ 646 $ 5,970 Loss per common share, basic and diluted $ 0.02 $ - $ 0.02 Weighted average common shares outstanding 259,734,327 - 259,734,327 Schedule of Condensed Consolidated of Cash Flows (unaudited) Condensed Consolidated Statement of Cash Flows (unaudited) For the six months ended December 31, 2021 As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (5,418 ) $ (662 ) $ (6,080 ) Non-cash elements included in net loss: Unrealized loss (gain) on equity securities 5 - 5 Accretion of convertible debt 877 647 1,524 Noncash lease expense (3 ) - (3 ) Depreciation 1 - 1 Share based compensation 1,568 - 1,568 Foreign exchange loss (gain) 210 15 225 (2,760 ) - (2,760 ) Change in working capital items: Prepaid expenses (255 ) - (255 ) Accounts payable and accrued liabilities 57 - 57 Net cash used in operating activities (2,958 ) - (2,958 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of land and buildings (16 ) - (16 ) Net cash used in financing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 963 - 963 Related party debt repayments (318 ) - (318 ) Net cash provided by financing activities 645 - 645 Exchange rate effect on cash and cash equivalents (122 ) - (122 ) Change in cash and cash equivalents during period (2,451 ) - (2,451 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalent, end of period $ 4,866 $ - $ 4,866 (expressed in thousands of U.S. dollars, except share and per share data) Schedule of Condensed Consolidated Statement of Shareholder’s Equity Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the three months ended December 31, 2021 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,036 ) $ (1,034 ) $ 13,826 Exercise of options 736,914 299 - - 299 Debt conversions 4,171,707 3,172 - - 3,172 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - (15 ) (15 ) Loss for the period - - (3,458 ) - (3,458 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (104,494 ) $ (1,049 ) $ 15,392 Restatement Impacts Balance, September 30, 2021 - $ - $ (562 ) $ (1 ) $ (563 ) Reporting currency presentation - - - 1 1 Loss for the period - - (534 ) - (534 ) Balance, December 31, 2021 - $ - $ (1,096 ) $ - $ (1,096 ) Restated Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,598 ) $ (1,035 ) $ 13,263 Exercise of options 736,914 299 - - 299 Debt conversions 4,171,707 3,172 - - 3,172 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - (14 ) (14 ) Loss for the period - - (3,992 ) - (3,992 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (105,590 ) $ (1,049 ) $ 14,296 Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the six months ended December 31, 2021 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,019,616 420 - - 420 Debt conversions 5,755,693 4,522 - - 4,522 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 94 94 Loss for the period - - (5,418 ) - (5,418 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (104,494 ) $ (1,049 ) $ 15,392 Restatement Impacts Balance June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - 16 16 Loss for the period - - (662 ) - (662 ) Balance, December 31, 2021 - $ - $ (1,096 ) $ - $ (1,096 ) Restated Balance June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,019,616 420 - - 420 Debt conversions 5,755,693 4,522 - - 4,522 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 110 110 Loss for the period - - (6,080 ) - (6,080 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (105,590 ) $ (1,049 ) $ 14,296 (expressed in thousands of U.S. dollars, except share and per share data) Schedule of Condensed Consolidated Balance Sheet Condensed Consolidated Balance Sheet (unaudited) As of March 31, 2022 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 3,464 $ - $ 3,464 Prepaid expenses and other 541 - 541 Total current assets 4,005 - 4,005 Non-current Deposits 35 - 35 Investment in equity securities 10 - 10 Right-of-use assets 110 - 110 Land and buildings, net 851 - 851 Mineral properties 16,085 - 16,085 Total assets $ 21,096 $ - $ 21,096 LIABILITIES Current Accounts payable and accrued liabilities $ 720 $ - $ 720 Related party loan 2,000 - 2,000 Convertible debt, current portion 2,585 1,300 3,885 Operating lease liability 79 - 79 Total current liabilities 5,384 1,300 6,684 Non-current Convertible debt, net of current - - - Operating lease liability 44 - 44 Total liabilities 5,428 1,300 6,728 Commitments and contingencies SHAREHOLDERS’ EQUITY Common stock, no unlimited 268,083,716 123,045 - 123,045 Accumulated deficit (106,310 ) (1,280 ) (107,590 ) Accumulated other comprehensive loss (1,067 ) (20 ) (1,087 ) Total shareholders’ equity 15,668 (1,300 ) 14,368 Total liabilities and equity $ 21,096 $ - $ 21,096 Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the three months ended March 31, 2022 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 308 $ - $ 308 Professional fees 16 - 16 Exploration expenditures 845 - 845 Other operating expenses 217 - 217 Total operating expenses 1,386 - 1,386 Foreign exchange gain (48 ) (18 ) (66 ) Interest expense 477 202 679 Other loss on equity securities 1 - 1 Loss before income taxes 1,816 184 2,000 Income tax benefit - - - Net loss $ 1,816 $ 184 $ 2,000 Other comprehensive loss: Net loss $ 1,816 $ 184 $ 2,000 Other comprehensive loss: Reporting currency translation 18 20 38 Total comprehensive loss $ 1,834 $ 204 $ 2,038 Loss per common share, basic and diluted $ 0.01 $ - $ 0.01 Weighted average common shares outstanding 265,764,404 - 265,764,404 Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the nine months ended March 31, 2022 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,859 $ - $ 1,859 Professional fees 530 - 530 Exploration expenditures 1,957 - 1,957 Other operating expenses 1,324 - 1,324 Total operating expenses 5,670 - 5,670 Foreign exchange loss 101 (3 ) 98 Interest expense 1,457 849 2,306 Other loss on equity securities 6 - 6 Loss before income taxes 7,234 846 8,080 Income tax benefit - - - Net loss $ 7,234 $ 846 $ 8,080 Other comprehensive loss: Net loss $ 7,234 $ 846 $ 8,080 Other comprehensive loss: Reporting currency translation (76 ) 4 (72 ) Total comprehensive loss $ 7,158 $ 850 $ 8,008 Loss per common share, basic and diluted $ 0.03 $ - $ 0.03 Weighted average common shares outstanding 261,729,813 - 261,729,813 Schedule of Condensed Consolidated of Cash Flows (unaudited) Condensed Consolidated Statement of Cash Flows (unaudited) For the nine months ended March 31, 2022 As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (7,234 ) $ (846 ) $ (8,080 ) Non-cash elements included in net loss: Unrealized loss (gain) on equity securities 6 - 6 Accretion of convertible debt 1,300 849 2,149 Noncash lease expense (5 ) - (5 ) Depreciation 2 - 2 Share based compensation 1,568 - 1,568 Foreign exchange loss (gain) 151 (3 ) 148 (4,212 ) - (4,212 ) Change in working capital items: Prepaid expenses (516 ) - (516 ) Accounts payable and accrued liabilities 314 - 314 Net cash used in operating activities (4,414 ) - (4,414 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of land and buildings (16 ) - (16 ) Net cash used in financing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 973 - 973 Related party debt repayments (318 ) - (318 ) Net cash provided by financing activities 655 - 655 Exchange rate effect on cash and cash equivalents (78 ) - (78 ) Change in cash and cash equivalents during period (3,853 ) - (3,853 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalent, end of period $ 3,464 $ - $ 3,464 Schedule of Condensed Consolidated Statement of Shareholder’s Equity Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the three months ended March 31, 2022 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance, December 31, 2021 264,026,990 $ 120,935 $ (104,494 ) $ (1,049 ) $ 15,392 Exercise of warrants - - - - - Exercise of options 906,917 10 - - 10 Debt conversions 3,149,809 2,100 - - 2,100 Share based compensation - - - - - Reporting currency presentation - - - (18 ) (18 ) Loss for the period - - (1,816 ) - (1,816 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (106,310 ) $ (1,067 ) $ 15,668 Restatement Impacts Balance, December 31, 2021 - $ - $ (1,096 ) $ - $ (1,096 ) Reporting currency presentation - - - (20 ) (20 ) Loss for the period - - (184 ) - (184 ) Balance, March 31, 2022 - $ - $ (1,280 ) $ (20 ) $ (1,300 ) Restated Balance, December 31, 2021 264,026,990 $ 120,935 $ (105,590 ) $ (1,049 ) $ 14,296 Exercise of warrants - - - - - Exercise of options 906,917 10 - - 10 Debt conversions 3,149,809 2,100 - - 2,100 Share based compensation - - - - - Reporting currency presentation - - - (38 ) (38 ) Loss for the period - - (2,000 ) - (2,000 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (107,590 ) $ (1,087 ) $ 14,368 Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the nine months ended March 31, 2022 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,926,533 430 - - 430 Debt conversions 8,905,502 6,622 - - 6,622 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 76 76 Loss for the period - - (7,234 ) - (7,234 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (106,310 ) $ (1,067 ) $ 15,668 Restatement Impacts Balance June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - (4 ) (4 ) Loss for the period - - (846 ) - (846 ) Balance, March 31, 2022 - $ - $ (1,280 ) $ (20 ) $ (1,300 ) Restated Balance June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,926,533 430 - - 430 Debt conversions 8,905,502 6,622 - - 6,622 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 72 72 Loss for the period - - (8,080 ) - (8,080 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (107,590 ) $ (1,087 ) $ 14,368 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Development Stage Issuer | a) Development Stage Issuer The Company is considered to be a development stage issuer under Subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (“S-K 1300”), and it devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to seek additional funding to support the completion of its exploration and development activities. The Company’s activities are subject to significant risks and uncertainties, including its ability to secure sufficient funding to continue operations, to obtain proven and probable reserves, to comply with industry regulations and obtain permits necessary for development of the Elk Creek Project, as well as environmental risks and market conditions. |
Cash and Cash Equivalents | b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks, investments in certificates of deposit with original maturities of 90 days or less, and money market funds. |
Foreign Currency Translation | c) Foreign Currency Translation Functional and reporting currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of the Company is the Canadian dollar and the functional currency for Elk Creek Resources Corp., a wholly owned subsidiary, is the U.S. dollar. The reporting currency for these consolidated financial statements is U.S. dollars. Transactions in foreign currency Transactions made in a currency other than the functional currency are remeasured to the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are remeasured to the functional currency at the exchange rate at that date and non-monetary assets and liabilities are remeasured at historical rates. Foreign currency translation gains and losses are included in profit or loss. Translation to reporting currency The results and financial position of entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date. ● Income and expenses for each statement of income are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. ● All resulting exchange differences are recognized in other comprehensive income. |
Mineral Properties | d) Mineral Properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of Common Shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under S-K 1300, and the Board of Directors has approved the commencement of formal development activities, development costs related to such reserves and incurred after such board approval will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. The recoverability of the carrying values of mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of a project will depend on, among other things, management’s ability to raise sufficient capital for these purposes. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, an impairment loss will be recorded. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. There was no impairment recorded to mineral properties as of June 30, 2022 or 2021, respectively. |
Long Lived Assets | e) Long Lived Assets Long-lived assets, other than mineral properties, held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There was no impairment recorded to long-lived assets as of June 30, 2022 or 2021, respectively. |
Leases | f) Leases Under Accounting Standards Codification (“ASC”) 842, “Leases,” we determine if a contractual arrangement is, or contains, a lease at the inception date. Right-of-use (“ROU”) assets and liabilities related to operating leases are separately reported in the consolidated balance sheets. The Company currently has no finance leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. Variable lease expenses are recorded when incurred. |
Financial Instruments | g) Financial Instruments The Company’s financial instruments consist of cash, receivables, equity securities, accounts payable and accrued liabilities, convertible debt and the related party loan. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these instruments approximate their carrying value unless otherwise noted. |
Concentration of Credit Risk | h) Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, The Company holds investments or maintains available cash primarily in two commercial banks located in Vancouver, British Columbia and Santa Clara, California. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. |
Asset Retirement Obligation | i) Asset Retirement Obligation The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. Until such time that a project life is established, the Company records the corresponding cost as an exploration stage expense and has accrued $ 48 48 Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early-stage nature of the Elk Creek Project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. |
Income Taxes | j) Income Taxes Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25, “Income Taxes – Recognition.” |
Basic and Diluted Per Share Disclosure | k) Basic and Diluted Per Share Disclosure Basic net loss per share is computed by dividing net loss by the weighted average number of Common Shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of Common Share equivalents outstanding for the period determined using the treasury stock method or the if-converted method, as applicable. For purposes of this calculation, options to purchase Common Shares (“Options”) and warrants to purchase Common Shares (“Warrants”) are considered to be Common Share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following shares underlying Options, Warrants, and outstanding convertible debt were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation for the years ended June 30, 2022, 2021, and 2020, as indicated below. Schedule of excluded from the dilutive securities As of June 30, Excluded potentially dilutive securities (1) 2022 2021 2020 Options 14,464,000 15,965,000 19,129,409 Warrants 18,516,253 14,341,868 12,376,451 Convertible debt 4,152,000 14,557,000 1,144,773 Total potential dilutive securities 37,132,253 44,863,868 32,650,633 (1) The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive. |
Share Based Compensation | l) Share Based Compensation The Company grants stock options to directors, officers, and employees. Option terms and vesting conditions are at the discretion of the Board of Directors. The option exercise price is equal to the closing market price on the Toronto Stock Exchange on the day preceding the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company recognizes forfeitures as they occur. |
Recent Accounting Standards | m) Recent Accounting Standards Issued and Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on July 1, 2021, with no material effect on the Company’ s current financial position, results of operations or financial statement disclosures. Issued and Not Effective In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which simplifies the accounting for convertible instruments. ASU 2020-06 removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company will adopt ASU 2020-06 on July 1, 2022, and does not expect this adoption will not have any effect on the Company’ s current financial position, results of operations or financial statement disclosures. From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. |
RESTATEMENT (Tables)
RESTATEMENT (Tables) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Consolidated Balance Sheet | Schedule of Consolidated Balance Sheet As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 5,280 $ - $ 5,280 Prepaid expenses and other 402 - 402 Total current assets 5,682 - 5,682 Non-current Deposits 35 - 35 Investment in equity securities 10 - 10 Right-of-use assets 94 - 94 Land and buildings, net 850 - 850 Mineral properties 16,085 - 16,085 Total assets $ 22,756 $ - $ 22,756 LIABILITIES Current Accounts payable and accrued liabilities $ 817 $ - $ 817 Related party loan 2,000 - 2,000 Convertible debt, current portion 796 1,373 2,169 Operating lease liability 82 82 Total current liabilities 3,695 1,373 5,068 Non-current Convertible debt, net of current - - - Operating lease liability 23 - 23 Total liabilities 3,718 1,373 5,091 Commitments and contingencies SHAREHOLDERS’ EQUITY Common stock, no par value, unlimited shares authorized; shares outstanding:276,670,606 at June 30, 2022 and 256,379,931 at June 30, 2021 129,055 - 129,055 Accumulated deficit (109,005 ) (1,392 ) (110,397 ) Accumulated other comprehensive loss (1,012 ) 19 (993 ) Total shareholders’ equity 19,038 (1,373 ) 17,665 Total liabilities and equity $ 22,756 $ - $ 22,756 | Schedule of Consolidated Balance Sheet Consolidated Balance Sheet As of June 30, 2021 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 7,317 $ - $ 7,317 Prepaid expenses and other 24 - 24 Total current assets 7,341 - 7,341 Non-current Deposits 35 - 35 Investment in equity securities 16 - 16 Right-of-use assets 156 - 156 Land and buildings, net 837 - 837 Mineral properties 16,085 - 16,085 Total assets $ 24,470 $ - $ 24,470 LIABILITIES Current Accounts payable and accrued liabilities $ 408 - $ 408 Related party loan 2,318 - 2,318 Convertible debt, current portion 1,123 - 1,123 Operating lease liability 69 - 69 Total current liabilities 3,918 - 3,918 Non-current Convertible debt, net of current 6,784 450 7,234 Operating lease liability 105 - 105 Total liabilities 10,807 450 11,257 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, no unlimited 256,379,931 113,882 - 113,882 Accumulated deficit (99,076 ) (434 ) (99,510 ) Accumulated other comprehensive loss (1,143 ) (16 ) (1,159 ) Total shareholders' equity 13,663 (450 ) 13,213 Total liabilities and equity $ 24,470 $ - $ 24,470 |
Schedule of Operations and Comprehensive Loss | Schedule of Operations and Comprehensive Loss As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 2,150 $ - $ 2,150 Professional fees 684 - 684 Exploration expenditures 3,309 - 3,309 Other operating expenses 1,653 - 1,653 Total operating expenses 7,796 - 7,796 Change in financial instrument fair value - - - Other income - - - Loss on debt extinguishment - - - Foreign exchange loss 221 37 258 Interest expense 1,906 921 2,827 Loss on equity securities 6 - 6 Loss before income taxes 9,929 958 10,887 Income tax benefit - - - Net loss $ 9,929 $ 958 $ 10,887 Other comprehensive loss: Net loss $ 9,929 $ 958 $ 10,887 Other comprehensive gain: Reporting currency translation (131 ) (35 ) (166 ) Total comprehensive loss $ 9,798 $ 923 $ 10,721 Loss per common share, basic and diluted $ 0.04 $ - $ 0.04 Weighted average common shares outstanding 263,737,227 - 263,737,227 | Schedule of Operations and Comprehensive Loss As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,655 $ - $ 1,655 Professional fees 386 - 386 Exploration expenditures 1,056 - 1,056 Other operating expenses 995 - 995 Total operating expenses 4,092 - 4,092 Change in financial instrument fair value (32 ) - (32 ) Other income (208 ) - (208 ) Loss on debt extinguishment 163 - 163 Foreign exchange gain (729 ) 4 (725 ) Interest expense 1,113 430 1,543 Gain on equity securities (9 ) - (9 ) Loss before income taxes 4,390 434 4,824 Income tax benefit - - - Net loss $ 4,390 $ 434 $ 4,824 Other comprehensive loss: Net loss $ 4,390 $ 434 $ 4,824 Other comprehensive (gain) loss: Reporting currency translation 788 16 804 Total comprehensive loss $ 5,178 $ 450 $ 5,628 Loss per common share, basic and diluted $ 0.02 $ - $ 0.02 Weighted average common shares outstanding 241,967,116 - 241,967,116 |
Schedule Of Cash Flow | Schedule Of Cash Flow As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (9,929 ) $ (958 ) $ (10,887 ) Adjustments for: - Noncash lease activity (7 ) - (7 ) Change in financial instrument fair value - - - Depreciation 3 - 3 Unrealized loss (gain) on equity securities 6 - 6 Accretion of convertible debt 1,696 921 2,617 Foreign exchange loss (gain) 294 37 331 Gain on debt forgiveness - - - Loss on debt extinguishment - - - Share-based compensation 1,745 - 1,745 Total (6,192 ) - (6,192 ) Change in working capital items: Prepaid expenses (377 ) - (377 ) Accounts payable and accrued liabilities 419 - 419 Net cash used in operating activities (6,150 ) - (6,150 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of mineral rights - - - Acquisition of land and buildings (16 ) - (16 ) Net cash used in investing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 4,737 - 4,737 Share issue costs (118 ) - (118 ) Issuance of convertible debt, net of costs - - - Loan repayments - - - Related party debt draws - - - Related party debt repayments (318 ) - (318 ) Long term debt funding - - - Net cash provided by financing activities 4,301 - 4,301 Exchange rate effect on cash and cash equivalents (172 ) - (172 ) Change in cash and cash equivalents during period (2,037 ) - (2,037 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalents, end of period $ 5,280 $ - $ 5,280 | Schedule of Consolidated Statement of Cash Flows As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (4,390 ) $ (434 ) $ (4,824 ) Adjustments for: Noncash lease activity 30 - 30 Change in financial instrument fair value (32 ) - (32 ) Unrealized gain on equity securities (9 ) - (9 ) Accretion of convertible debt 670 430 1,100 Foreign exchange loss (gain) (665 ) 4 (661 ) Gain on debt forgiveness (196 ) - (196 ) Loss on debt extinguishment 163 - 163 Share-based compensation 797 - 797 Total (3,632 ) - (3,632 ) Change in working capital items: Prepaid expenses 9 - 9 Accounts payable and accrued liabilities (1,103 ) - (1,103 ) Net cash used in operating activities (4,726 ) - (4,726 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of mineral rights (5,468 ) - (5,468 ) Acquisition of land and buildings (837 ) - (837 ) Net cash used in investing activities (6,305 ) - (6,305 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 10,677 - 10,677 Share issue costs (174 ) - (174 ) Issuance of convertible debt, net of costs 9,477 - 9,477 Loan repayments (406 ) - (406 ) Related party debt draws - - - Related party debt repayments (1,500 ) - (1,500 ) Long term debt funding - - - Net cash provided by financing activities 18,074 - 18,074 Exchange rate effect on cash and cash equivalents (33 ) - (33 ) Change in cash and cash equivalents during period 7,010 - 7,010 Cash and cash equivalents, beginning of period 307 - 307 Cash and cash equivalents, end of period $ 7,317 $ - $ 7,317 |
Schedule Of Shareholders’ Equity | Schedule Of Shareholders’ Equity Common Stock Outstanding Common Stock Deficit Accumulated other comprehensive income Total As Previously Reported Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 2,051,533 483 - - 483 Fair value of warrants granted - 14 - - 14 Private placement – June 2022 4,981,035 3,711 - - 3,711 Debt conversions 12,386,357 8,807 - - 8,807 Share issuance costs - (130 ) - - (130 ) Share-based compensation - 1,745 - - 1,745 Reporting currency presentation - - - 131 131 Loss for the year - - (9,929 ) - (9,929 ) Balance, June 30, 2022 276,670,606 $ 129,055 $ (109,005 ) $ (1,012 ) $ 19,038 Restatement Impacts Balance, June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - 35 35 Loss for the year - - (958 ) - (958 ) Balance, June 30, 2022 - $ - $ (1,392 ) $ 19 $ (1,373 ) Restated Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 2,051,533 483 - - 483 Fair value of warrants granted - 14 - - 14 Private placement – June 2022 4,981,035 3,711 - - 3,711 Debt conversions 12,386,357 8,807 - - 8,807 Share issuance costs - (130 ) - - (130 ) Share-based compensation - 1,745 - - 1,745 Reporting currency presentation - - - 166 166 Loss for the year - - (10,887 ) - (10,887 ) Balance, June 30, 2022 276,670,606 $ 129,055 $ (110,397 ) $ (993 ) $ 17,665 | Schedule of Consolidated Statement of Shareholders’ Equity Common Stock Outstanding Common Stock Deficit Accumulated other comprehensive income Total As Previously Reported Balance, June 30, 2020 235,925,684 $ 97,682 $ (94,686 ) $ (355 ) $ 2,641 Exercise of warrants 9,106,283 5,338 - - 5,338 Exercise of options 2,952,296 215 - - 215 Fair value of warrants granted - 1,795 - - 1,795 Private placement – May 2021 4,334,157 5,124 - - 5,124 Debt conversions 4,061,511 3,106 - - 3,106 Share issuance costs - (175 ) - - (175 ) Share-based compensation - 797 - - 797 Reporting currency presentation - - - (788 ) (788 ) Loss for the year - - (4,390 ) - (4,390 ) Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Restatement Impacts Balance, June 30, 2020 - $ - $ - $ - $ - Reporting currency presentation - - - (16 ) (16 ) Loss for the year - - (434 ) - (434 ) Balance, June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Restated Balance, June 30, 2020 235,925,684 $ 97,682 $ (94,686 ) $ (355 ) $ 2,641 Exercise of warrants 9,106,283 5,338 - - 5,338 Exercise of options 2,952,296 215 - - 215 Fair value of warrants granted - 1,795 - - 1,795 Private placement – May 2021 4,334,157 5,124 - - 5,124 Debt conversions 4,061,511 3,106 - - 3,106 Share issuance costs - (175 ) - - (175 ) Share-based compensation - 797 - - 797 Reporting currency presentation - - - (804 ) (804 ) Loss for the year - - (4,824 ) - (4,824 ) Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of intercompany transactions and balances | These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Schedule of intercompany transactions and balances Country of incorporation Ownership at June 30, 2022 2021 0896800 BC Ltd. (“0896800”) Canada 100% 100% Elk Creek Resources Corp. (“ECRC”) USA 100% 100% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of excluded from the dilutive securities | Schedule of excluded from the dilutive securities As of June 30, Excluded potentially dilutive securities (1) 2022 2021 2020 Options 14,464,000 15,965,000 19,129,409 Warrants 18,516,253 14,341,868 12,376,451 Convertible debt 4,152,000 14,557,000 1,144,773 Total potential dilutive securities 37,132,253 44,863,868 32,650,633 (1) The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of the period end. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive. |
LAND AND BUILDINGS, NET (Tables
LAND AND BUILDINGS, NET (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of properties | Schedule of properties As of June 30, 2022 2021 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Land $ 811 $ - $ 811 $ 811 $ - $ 811 Buildings and other 45 6 39 29 3 26 $ 856 $ 6 $ 850 $ 840 $ 3 $ 837 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of account payable and accrued liabilities | Schedule of account payable and accrued liabilities As of June 30, 2022 2021 Accounts payable, trade $ 115 $ 163 Trade payable accruals 654 157 Environmental accruals 48 48 Interest payable to related party (see Note 11) - 40 Total accounts payable and accrued liabilities $ 817 $ 408 |
CONVERTIBLE DEBT (Tables)
CONVERTIBLE DEBT (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debt | Schedule of convertible debt As of June 30, 2022 2021 (As Restated) (a) Current Portion: Lind III convertible security $ 2,169 $ - Nordmin note - 1,123 Total current portion $ 2,169 $ 1,123 Noncurrent Portion: Lind III convertible security $ - $ 7,234 |
Changes in the Lind III Convertible Security are as follows: | Changes in the Lind III Convertible Security are as follows: For the year ending June 30, 2022 2021 (As Restated) (a) Beginning balance $ 7,234 $ 7,765 Conversions (7,635 ) (1,600 ) Accretion expense 2,570 1,069 Balance, end of period $ 2,169 $ 7,234 |
Changes in the Nordmin Note are as follows: | Changes in the Nordmin Note are as follows: Convertible Note Extinguishment of accounts payable $ 1,740 Conversions (668 ) Accretion expense 51 Balance, June 30, 2021 $ 1,123 Conversions (1,172 ) Accretion expense 49 Balance, June 30, 2022 - |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stock option transactions are summarized as follows: | Stock option transactions are summarized as follows: Number of Weighted Average Exercise Price Balance, July 1, 2019 19,449,909 C$0.62 Exercised (320,500 ) C$0.62 Balance, June 30, 2020 19,129,409 C$0.62 Granted 3,700,000 C$0.78 Exercised (2,952,296 ) C$0.61 Cancelled/expired (3,912,113 ) C$0.64 Balance, June 30, 2021 15,965,000 C$0.65 Granted 4,475,000 C$1.33 Exercised (2,051,533 ) C$0.70 Cancelled/expired (3,924,467 ) C$0.77 Balance, June 30, 2022 14,464,000 C$0.83 |
Schedule of information and assumptions used to determine option costs | The following table summarizes the weighted average information and assumptions used to determine option costs: Schedule of information and assumptions used to determine option costs Year ended June 30, 2022 2021 2020 Fair value per option granted during the period (C$) $ 0.49 $ 0.25 - Risk-free interest rate 1.33 % 0.26 % - Expected dividend yield 0 % 0 % - Expected stock price volatility (historical basis) 54.4 % 54.1 % - Expected option life in years 3.0 3.0 - |
Schedule of information about stock options outstanding | The following table summarizes information about stock options outstanding at June 30, 2022: Schedule of information about stock options outstanding Exercise Price Expiry Date Number Outstanding Aggregate Intrinsic Value Number Exercisable Aggregate Intrinsic Value C$0.47 November 9, 2022 2,804,000 C$1,206 2,804,000 C$1,206 C$0.84 September 18, 2023 1,050,000 63 1,050,000 63 C$0.54 November 15, 2023 3,785,000 1,362 3,785,000 1,362 C$0.75 December 14, 2023 1,825,000 274 1,825,000 274 C$0.75 December 16, 2023 525,000 79 525,000 79 C$1.36 December 17, 2024 3,975,000 - 3,975,000 - C$1.10 May 30, 2025 500,000 - 500,000 - Balance, June 30, 2022 14,464,000 C$2,984 14,464,000 C$2,984 |
Schedule of warrant transactions | Warrant transactions are summarized as follows: Schedule of warrant transactions Warrants Weighted Average Exercise Price Balance, July 1, 2019 21,374,801 C$0.78 Exercised (664,549 ) C$0.69 Expired (8,333,801 ) C$0.86 Balance, June 30, 2020 12,376,451 C$0.74 Granted: Nordmin warrants 500,000 C$0.80 Lind III Warrants 8,558,000 C$0.97 April 2021 private placement 4,412,118 C$1.63 Exercised (9,106,283 ) C$0.75 Expired (2,398,418 ) C$0.73 Balance, June 30, 2021 14,341,868 C$1.16 Granted: June 2022 private placement 5,046,135 C$1.10 Exercised (871,750 ) C$0.78 Balance, June 30, 2022 18,516,253 C$1.16 |
Schedule of outstanding exercisable warrants | At June 30, 2022, the Company has outstanding exercisable warrants, as follows: Schedule of outstanding exercisable warrants Number Exercise Price Expiry Date 500,000 C$0.80 December 18, 2022 4,412,118 C$1.63 May 10, 2023 5,046,135 C$1.10 June 30, 2024 8,558,000 C$0.97 February 19, 2025 18,516,253 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party balances | Changes in the Smith Credit Agreement principal balance are as follows: Schedule of related party balances For the year ending June 30, 2022 2021 Beginning balance $ 2,318 $ 3,818 Repayments (318 ) (1,500 ) Balance, end of period $ 2,000 $ 2,318 |
EXPLORATION EXPENDITURES (Table
EXPLORATION EXPENDITURES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Exploration Expenditures | |
Schedule of exploration expenditures | Schedule of exploration expenditures For the year ended June 30, 2022 2021 2020 Feasibility study and engineering $ 334 $ 79 $ 40 Field management and other 569 656 985 Metallurgical 2,218 272 176 Geologists and field staff 188 49 - Total $ 3,309 $ 1,056 $ 1,201 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Leases | |
The Company incurred lease costs as follows: | The Company incurred lease costs as follows: For the year ended June 30, 2022 2021 2020 1 Operating Lease Cost: Fixed rent expense $ 83 $ 106 $ 114 Variable rent expense 12 7 - Short term lease cost 16 13 12 Sublease income (26 ) (18 ) (12 ) Net lease cost $ 85 $ 108 $ 114 Lease cost – other operating expense $ 85 $ 89 $ 98 Lease cost – exploration expenditures - 19 16 Net lease cost $ 85 $ 108 $ 114 1 Fixed rent expense for fiscal year 2020 represents rental costs associated with contracts with de minimis ROU and lease liability balances. |
The maturity of lease liabilities is as follows at June 30, 2022: | The maturity of lease liabilities is as follows at June 30, 2022: Fiscal Year Lease Maturities 2023 $ 92 2024 23 Total lease payments 115 Less amount of payments representing interest (10 ) Present value of lease payments 105 Less current portion of operating lease liability (82 ) Noncurrent operating lease liability $ 23 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Domestic and foreign components of loss before income taxes for the years ended June 30, 2022, 2021 and 2020 are as follows: | Domestic and foreign components of loss before income taxes for the years ended June 30, 2022, 2021 and 2020 are as follows: For the year ended June 30, 2022 2021 2020 (As Restated) (a) (As Restated) (a) Canada $ 6,918 $ 3,362 $ 2,473 United States 3,969 1,462 1,528 Total $ 10,887 $ 4,824 $ 4,001 |
The following table is a reconciliation of income taxes at statutory rates: | The following table is a reconciliation of income taxes at statutory rates: For the year ended June 30, 2022 2021 2020 (As Restated) (a) (As Restated) (a) Loss before income taxes $ 10,887 $ 4,824 $ 4,001 Combined federal and provincial statutory income tax rate 27 % 27 % 27 % Income tax benefit at statutory tax rates 2,940 1,303 1,080 Foreign rate differential (72 ) (31 ) (30 ) Share based compensation (462 ) (212 ) (41 ) Change in estimates related to prior years (274 ) 739 (4 ) Accretion expense (407 ) (158 ) - Capital loss rate differential (38 ) 182 - Change in valuation allowance (1,713 ) (1,841 ) (946 ) Other 26 18 (59 ) Income tax benefit $ - $ - $ - |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes are as follows: | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes are as follows: As of June 30, 2022 2021 (As Restated) (a) Deferred tax assets Mineral interests $ 9,477 $ 8,658 Net operating losses available for future periods 8,977 7,880 Capital losses available for future periods 420 643 Other 74 54 Total deferred tax assets 18,948 17,235 Valuation allowance (18,948 ) (17,235 ) Net deferred tax assets $ - $ - |
Changes in the valuation allowance are as follows: | Changes in the valuation allowance are as follows: For the year ended June 30, 2022 2021 (As Restated) (a) Valuation allowance, beginning of year $ (17,235 ) $ (15,394 ) Current year additions (1,713 ) (1,841 ) Valuation allowance, end of year $ (18,948 ) $ (17,235 ) |
As a result of the Tax Cuts and Jobs Act of 2017, U.S. tax losses incurred for tax years commencing in 2018 have no expiration. | The Company has the following cumulative net operating losses for Canadian and U.S. income tax purposes and these carryforwards will generally expire between 2026 and 2041. As a result of the Tax Cuts and Jobs Act of 2017, U.S. tax losses incurred for tax years commencing in 2018 have no expiration. As of June 30, 2022 2021 Jurisdiction (As Restated) (a) Canada $ 31,551 $ 28,744 United States 2,460 2,179 Total $ 34,011 $ 30,923 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values determined by level 3 inputs are unobservable data | Schedule of fair values determined by level 3 inputs are unobservable data As of June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 5,280 $ 5,280 $ - $ - Investment in equity securities 10 10 - - Total $ 5,290 $ 5,290 $ - $ - Liabilities $ - $ - $ - $ - As of June 30, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 7,317 $ 7,317 $ - $ - Investment in equity securities 16 16 - - Total $ 7,333 $ 7,333 $ - $ - Liabilities $ - $ - $ - $ - |
RESTATEMENT OF UNAUDITED QUAR_2
RESTATEMENT OF UNAUDITED QUARTERLY RESULTS (Tables) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Schedule of Condensed Consolidated Balance Sheet | Schedule of Condensed Consolidated Balance Sheet Condensed Consolidated Balance Sheet (unaudited) As of March 31, 2022 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 3,464 $ - $ 3,464 Prepaid expenses and other 541 - 541 Total current assets 4,005 - 4,005 Non-current Deposits 35 - 35 Investment in equity securities 10 - 10 Right-of-use assets 110 - 110 Land and buildings, net 851 - 851 Mineral properties 16,085 - 16,085 Total assets $ 21,096 $ - $ 21,096 LIABILITIES Current Accounts payable and accrued liabilities $ 720 $ - $ 720 Related party loan 2,000 - 2,000 Convertible debt, current portion 2,585 1,300 3,885 Operating lease liability 79 - 79 Total current liabilities 5,384 1,300 6,684 Non-current Convertible debt, net of current - - - Operating lease liability 44 - 44 Total liabilities 5,428 1,300 6,728 Commitments and contingencies SHAREHOLDERS’ EQUITY Common stock, no unlimited 268,083,716 123,045 - 123,045 Accumulated deficit (106,310 ) (1,280 ) (107,590 ) Accumulated other comprehensive loss (1,067 ) (20 ) (1,087 ) Total shareholders’ equity 15,668 (1,300 ) 14,368 Total liabilities and equity $ 21,096 $ - $ 21,096 | Schedule of Condensed Consolidated Balance Sheet Condensed Consolidated Balance Sheet (unaudited) As of December 31, 2021 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 4,866 $ - $ 4,866 Prepaid expenses and other 279 - 279 Total current assets 5,145 - 5,145 Non-current Deposits 35 - 35 Investment in equity securities 11 - 11 Right-of-use assets 126 - 126 Land and buildings, net 852 - 852 Mineral properties 16,085 - 16,085 Total assets $ 22,254 $ - $ 22,254 LIABILITIES Current Accounts payable and accrued liabilities $ 458 $ - $ 458 Related party loan 2,000 - 2,000 Convertible debt, current portion - - - Operating lease liability 76 - 76 Total current liabilities 2,534 - 2,534 Non-current Convertible debt, net of current 4,262 1,096 5,358 Operating lease liability 66 - 66 Total liabilities 6,862 1,096 7,958 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, no unlimited 264,026,990 120,935 - 120,935 Accumulated deficit (104,494 ) (1,096 ) (105,590 ) Accumulated other comprehensive loss (1,049 ) - (1,049 ) Total shareholders' equity 15,392 (1,096 ) 14,296 Total liabilities and equity $ 22,254 $ - $ 22,254 | Schedule of Condensed Consolidated Balance Sheet Condensed Consolidated Balance Sheet (unaudited) As of September 30, 2021 As Previously Reported Restatement Impacts Restated ASSETS Current Cash $ 5,868 $ - $ 5,868 Prepaid expenses and other 294 - 294 Total current assets 6,162 - 6,162 Non-current Deposits 35 - 35 Investment in equity securities 14 - 14 Right-of-use assets 141 - 141 Land and buildings, net 852 - 852 Mineral properties 16,085 - 16,085 Total assets $ 23,289 $ - $ 23,289 LIABILITIES Current Accounts payable and accrued liabilities $ 310 $ - $ 310 Related party loan 2,000 - 2,000 Convertible debt, current portion 396 - 396 Operating lease liability 72 - 72 Total current liabilities 2,778 - 2,778 Non-current Convertible debt, net of current 6,599 563 7,162 Operating lease liability 86 - 86 Total liabilities 9,463 563 10,026 Commitments and contingencies SHAREHOLDERS' EQUITY Common stock, no unlimited 259,118,369 115,896 - 115,896 Accumulated deficit (101,036 ) (562 ) (101,598 ) Accumulated other comprehensive loss (1,034 ) (1 ) (1,035 ) Total shareholders' equity 13,826 (563 ) 13,263 Total liabilities and equity $ 23,289 $ - $ 23,289 | ||
Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) | Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the three months ended March 31, 2022 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 308 $ - $ 308 Professional fees 16 - 16 Exploration expenditures 845 - 845 Other operating expenses 217 - 217 Total operating expenses 1,386 - 1,386 Foreign exchange gain (48 ) (18 ) (66 ) Interest expense 477 202 679 Other loss on equity securities 1 - 1 Loss before income taxes 1,816 184 2,000 Income tax benefit - - - Net loss $ 1,816 $ 184 $ 2,000 Other comprehensive loss: Net loss $ 1,816 $ 184 $ 2,000 Other comprehensive loss: Reporting currency translation 18 20 38 Total comprehensive loss $ 1,834 $ 204 $ 2,038 Loss per common share, basic and diluted $ 0.01 $ - $ 0.01 Weighted average common shares outstanding 265,764,404 - 265,764,404 Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the nine months ended March 31, 2022 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,859 $ - $ 1,859 Professional fees 530 - 530 Exploration expenditures 1,957 - 1,957 Other operating expenses 1,324 - 1,324 Total operating expenses 5,670 - 5,670 Foreign exchange loss 101 (3 ) 98 Interest expense 1,457 849 2,306 Other loss on equity securities 6 - 6 Loss before income taxes 7,234 846 8,080 Income tax benefit - - - Net loss $ 7,234 $ 846 $ 8,080 Other comprehensive loss: Net loss $ 7,234 $ 846 $ 8,080 Other comprehensive loss: Reporting currency translation (76 ) 4 (72 ) Total comprehensive loss $ 7,158 $ 850 $ 8,008 Loss per common share, basic and diluted $ 0.03 $ - $ 0.03 Weighted average common shares outstanding 261,729,813 - 261,729,813 | Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the three months ended December 31, 2021 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,232 $ - $ 1,232 Professional fees 424 - 424 Exploration expenditures 491 - 491 Other operating expenses 881 - 881 Total operating expenses 3,028 - 3,028 Foreign exchange gain (61 ) - (61 ) Interest expense 488 534 1,022 Other loss (gain) on equity securities 3 - 3 Loss before income taxes 3,458 534 3,992 Income tax benefit - - - Net loss $ 3,458 $ 534 $ 3,992 Other comprehensive loss: Net loss $ 3,458 $ 534 $ 3,992 Other comprehensive loss: Reporting currency translation 15 (1 ) 14 Total comprehensive loss $ 3,473 $ 533 $ 4,006 Loss per common share, basic and diluted $ 0.01 $ - $ 0.01 Weighted average common shares outstanding 261,392,248 - 261,392,248 Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the six months ended December 31, 2021 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 1,551 $ - $ 1,551 Professional fees 514 - 514 Exploration expenditures 1,112 - 1,112 Other operating expenses 1,107 - 1,107 Total operating expenses 4,284 - 4,284 Foreign exchange loss 149 15 164 Interest expense 980 647 1,627 Other loss on equity securities 5 - 5 Loss before income taxes 5,418 662 6,080 Income tax benefit - - - Net loss $ 5,418 $ 662 $ 6,080 Other comprehensive loss: Net loss $ 5,418 $ 662 $ 6,080 Other comprehensive loss: Reporting currency translation (94 ) (16 ) (110 ) Total comprehensive loss $ 5,324 $ 646 $ 5,970 Loss per common share, basic and diluted $ 0.02 $ - $ 0.02 Weighted average common shares outstanding 259,734,327 - 259,734,327 | Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) For the Three Months Ended September 30, 2021 For the three months ended September 30, 2021 As Previously Reported Restatement Impacts Restated Operating expenses Employee related costs $ 319 $ - $ 319 Professional fees 90 - 90 Exploration expenditures 621 - 621 Other operating expenses 226 - 226 Total operating expenses 1,256 - 1,256 Foreign exchange loss 210 15 225 Interest expense 492 113 605 Other loss on equity securities 2 - 2 Loss before income taxes 1,960 128 2,088 Income tax benefit - - - Net loss $ 1,960 $ 128 $ 2,088 Other comprehensive loss: Net loss $ 1,960 $ 128 $ 2,088 Other comprehensive loss: Reporting currency translation (109 ) (15 ) (124 ) Total comprehensive loss $ 1,851 $ 113 $ 1,964 Loss per common share, basic and diluted $ 0.01 $ - $ 0.01 Weighted average common shares outstanding 258,023,048 - 258,023,048 | ||
Schedule of Condensed Consolidated of Cash Flows (unaudited) | Schedule of Condensed Consolidated of Cash Flows (unaudited) Condensed Consolidated Statement of Cash Flows (unaudited) For the Three Months Ended September 30, 2021 As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (1,960 ) $ (128 ) $ (2,088 ) Non-cash elements included in net loss: Unrealized loss (gain) on equity securities 2 - 2 Accretion of convertible debt 438 113 551 Noncash lease expense (1 ) - (1 ) Depreciation 1 - 1 Foreign exchange loss (gain) 273 15 288 (1,247 ) - (1,247 ) Change in working capital items: Prepaid expenses (270 ) - (270 ) Accounts payable and accrued liabilities (92 ) - (92 ) Net cash used in operating activities (1,609 ) - (1,609 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of land and buildings (16 ) - (16 ) Net cash used in financing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 664 - 664 Related party debt repayments (318 ) - (318 ) Net cash provided by financing activities 346 - 346 Exchange rate effect on cash and cash equivalents (170 ) - (170 ) Change in cash and cash equivalents during period (1,449 ) - (1,449 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalent, end of period $ 5,868 $ - $ 5,868 | Schedule of Condensed Consolidated of Cash Flows (unaudited) Condensed Consolidated Statement of Cash Flows (unaudited) For the six months ended December 31, 2021 As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (5,418 ) $ (662 ) $ (6,080 ) Non-cash elements included in net loss: Unrealized loss (gain) on equity securities 5 - 5 Accretion of convertible debt 877 647 1,524 Noncash lease expense (3 ) - (3 ) Depreciation 1 - 1 Share based compensation 1,568 - 1,568 Foreign exchange loss (gain) 210 15 225 (2,760 ) - (2,760 ) Change in working capital items: Prepaid expenses (255 ) - (255 ) Accounts payable and accrued liabilities 57 - 57 Net cash used in operating activities (2,958 ) - (2,958 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of land and buildings (16 ) - (16 ) Net cash used in financing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 963 - 963 Related party debt repayments (318 ) - (318 ) Net cash provided by financing activities 645 - 645 Exchange rate effect on cash and cash equivalents (122 ) - (122 ) Change in cash and cash equivalents during period (2,451 ) - (2,451 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalent, end of period $ 4,866 $ - $ 4,866 | Schedule of Condensed Consolidated of Cash Flows (unaudited) Condensed Consolidated Statement of Cash Flows (unaudited) For the nine months ended March 31, 2022 As Previously Reported Restatement Impacts Restated CASH FLOWS FROM OPERATING ACTIVITIES Total loss for the period $ (7,234 ) $ (846 ) $ (8,080 ) Non-cash elements included in net loss: Unrealized loss (gain) on equity securities 6 - 6 Accretion of convertible debt 1,300 849 2,149 Noncash lease expense (5 ) - (5 ) Depreciation 2 - 2 Share based compensation 1,568 - 1,568 Foreign exchange loss (gain) 151 (3 ) 148 (4,212 ) - (4,212 ) Change in working capital items: Prepaid expenses (516 ) - (516 ) Accounts payable and accrued liabilities 314 - 314 Net cash used in operating activities (4,414 ) - (4,414 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of land and buildings (16 ) - (16 ) Net cash used in financing activities (16 ) - (16 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 973 - 973 Related party debt repayments (318 ) - (318 ) Net cash provided by financing activities 655 - 655 Exchange rate effect on cash and cash equivalents (78 ) - (78 ) Change in cash and cash equivalents during period (3,853 ) - (3,853 ) Cash and cash equivalents, beginning of period 7,317 - 7,317 Cash and cash equivalent, end of period $ 3,464 $ - $ 3,464 | ||
Schedule of Condensed Consolidated Statement of Shareholder’s Equity | Schedule of Condensed Consolidated Statement of Shareholder’s Equity Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the three months ended March 31, 2022 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance, December 31, 2021 264,026,990 $ 120,935 $ (104,494 ) $ (1,049 ) $ 15,392 Exercise of warrants - - - - - Exercise of options 906,917 10 - - 10 Debt conversions 3,149,809 2,100 - - 2,100 Share based compensation - - - - - Reporting currency presentation - - - (18 ) (18 ) Loss for the period - - (1,816 ) - (1,816 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (106,310 ) $ (1,067 ) $ 15,668 Restatement Impacts Balance, December 31, 2021 - $ - $ (1,096 ) $ - $ (1,096 ) Reporting currency presentation - - - (20 ) (20 ) Loss for the period - - (184 ) - (184 ) Balance, March 31, 2022 - $ - $ (1,280 ) $ (20 ) $ (1,300 ) Restated Balance, December 31, 2021 264,026,990 $ 120,935 $ (105,590 ) $ (1,049 ) $ 14,296 Exercise of warrants - - - - - Exercise of options 906,917 10 - - 10 Debt conversions 3,149,809 2,100 - - 2,100 Share based compensation - - - - - Reporting currency presentation - - - (38 ) (38 ) Loss for the period - - (2,000 ) - (2,000 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (107,590 ) $ (1,087 ) $ 14,368 Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the nine months ended March 31, 2022 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,926,533 430 - - 430 Debt conversions 8,905,502 6,622 - - 6,622 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 76 76 Loss for the period - - (7,234 ) - (7,234 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (106,310 ) $ (1,067 ) $ 15,668 Restatement Impacts Balance June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - (4 ) (4 ) Loss for the period - - (846 ) - (846 ) Balance, March 31, 2022 - $ - $ (1,280 ) $ (20 ) $ (1,300 ) Restated Balance June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,926,533 430 - - 430 Debt conversions 8,905,502 6,622 - - 6,622 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 72 72 Loss for the period - - (8,080 ) - (8,080 ) Balance, March 31, 2022 268,083,716 $ 123,045 $ (107,590 ) $ (1,087 ) $ 14,368 | Schedule of Condensed Consolidated Statement of Shareholder’s Equity Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the three months ended December 31, 2021 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,036 ) $ (1,034 ) $ 13,826 Exercise of options 736,914 299 - - 299 Debt conversions 4,171,707 3,172 - - 3,172 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - (15 ) (15 ) Loss for the period - - (3,458 ) - (3,458 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (104,494 ) $ (1,049 ) $ 15,392 Restatement Impacts Balance, September 30, 2021 - $ - $ (562 ) $ (1 ) $ (563 ) Reporting currency presentation - - - 1 1 Loss for the period - - (534 ) - (534 ) Balance, December 31, 2021 - $ - $ (1,096 ) $ - $ (1,096 ) Restated Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,598 ) $ (1,035 ) $ 13,263 Exercise of options 736,914 299 - - 299 Debt conversions 4,171,707 3,172 - - 3,172 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - (14 ) (14 ) Loss for the period - - (3,992 ) - (3,992 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (105,590 ) $ (1,049 ) $ 14,296 Condensed Consolidated Statement of Shareholders’ Equity (unaudited) For the six months ended December 31, 2021 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,019,616 420 - - 420 Debt conversions 5,755,693 4,522 - - 4,522 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 94 94 Loss for the period - - (5,418 ) - (5,418 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (104,494 ) $ (1,049 ) $ 15,392 Restatement Impacts Balance June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - 16 16 Loss for the period - - (662 ) - (662 ) Balance, December 31, 2021 - $ - $ (1,096 ) $ - $ (1,096 ) Restated Balance June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 1,019,616 420 - - 420 Debt conversions 5,755,693 4,522 - - 4,522 Share based compensation - 1,568 - - 1,568 Reporting currency presentation - - - 110 110 Loss for the period - - (6,080 ) - (6,080 ) Balance, December 31, 2021 264,026,990 $ 120,935 $ (105,590 ) $ (1,049 ) $ 14,296 | Schedule of Condensed Consolidated Statement of Shareholder’s Equity Condensed Consolidated Statement of Shareholders' Equity (unaudited) For the three months ended September 30, 2021 Common Shares Outstanding Common Stock Deficit Accumulated Other Comprehensive Loss Total As Previously Reported Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,076 ) $ (1,143 ) $ 13,663 Exercise of warrants 871,750 543 - - 543 Exercise of options 282,702 121 - - 121 Debt conversions 1,583,986 1,350 - - 1,350 Reporting currency presentation - - - 109 109 Loss for the period - - (1,960 ) - (1,960 ) Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,036 ) $ (1,034 ) $ 13,826 Restatement Impacts Balance, June 30, 2021 - $ - $ (434 ) $ (16 ) $ (450 ) Reporting currency presentation - - - 15 15 Loss for the period - - (128 ) - (128 ) Balance, September 30, 2021 - $ - $ (562 ) $ (1 ) $ (563 ) Restated Balance, June 30, 2021 256,379,931 $ 113,882 $ (99,510 ) $ (1,159 ) $ 13,213 Exercise of warrants 871,750 543 - - 543 Exercise of options 282,702 121 - - 121 Debt conversions 1,583,986 1,350 - - 1,350 Reporting currency presentation - - - 124 124 Loss for the period - - (2,088 ) - (2,088 ) Balance, September 30, 2021 259,118,369 $ 115,896 $ (101,598 ) $ (1,035 ) $ 13,263 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 Number | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Schedule of Consolidated Balanc
Schedule of Consolidated Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |||
Current | |||||||||
Cash | $ 3,464 | $ 5,280 | $ 7,317 | ||||||
Prepaid expenses and other | $ 279 | 541 | 402 | 24 | |||||
Total current assets | 5,145 | 4,005 | 5,682 | 7,341 | |||||
Non-current | |||||||||
Deposits | 35 | 35 | 35 | 35 | |||||
Investment in equity securities | 11 | 10 | 10 | 16 | |||||
Right-of-use assets | 126 | 110 | 94 | 156 | |||||
Land and buildings, net | 852 | 851 | 850 | 837 | |||||
Mineral properties | 16,085 | 16,085 | 16,085 | 16,085 | |||||
Total assets | 22,254 | 21,096 | 22,756 | 24,470 | |||||
Current | |||||||||
Accounts payable and accrued liabilities | 458 | 720 | 817 | 408 | |||||
Related party loan | 2,000 | 2,000 | 2,000 | 2,318 | |||||
Convertible debt, current portion | 3,885 | 2,169 | 1,123 | ||||||
Operating lease liability | 76 | 79 | 82 | 69 | |||||
Total current liabilities | 2,534 | 6,684 | 5,068 | 3,918 | |||||
Non-current | |||||||||
Convertible debt, net of current | 5,358 | 7,234 | |||||||
Operating lease liability | 66 | 44 | 23 | 105 | |||||
Total liabilities | 7,958 | 6,728 | 5,091 | 11,257 | |||||
SHAREHOLDERS’ EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding:276,670,606 at June 30, 2022 and 256,379,931 at June 30, 2021 | $ 120,935 | $ 123,045 | $ 129,055 | $ 113,882 | |||||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Common stock, authorized | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | ||||
Common stock, shares outstanding | 264,026,990 | 259,118,369 | 268,083,716 | 276,670,606 | 256,379,931 | ||||
Accumulated deficit | $ (105,590) | $ (107,590) | $ (110,397) | $ (99,510) | |||||
Accumulated other comprehensive loss | (1,049) | (1,087) | (993) | (1,159) | |||||
Total shareholders’ equity | 14,296 | $ 13,263 | 14,368 | 17,665 | [1] | 13,213 | [1] | $ 2,641 | $ 4,852 |
Total liabilities and equity | 22,254 | 21,096 | 22,756 | 24,470 | |||||
Previously Reported [Member] | |||||||||
Current | |||||||||
Cash | 5,868 | 3,464 | 5,280 | 7,317 | |||||
Prepaid expenses and other | 279 | 294 | 541 | 402 | 24 | ||||
Total current assets | 5,145 | 6,162 | 4,005 | 5,682 | 7,341 | ||||
Non-current | |||||||||
Deposits | 35 | 35 | 35 | 35 | 35 | ||||
Investment in equity securities | 11 | 14 | 10 | 10 | 16 | ||||
Right-of-use assets | 126 | 141 | 110 | 94 | 156 | ||||
Land and buildings, net | 852 | 852 | 851 | 850 | 837 | ||||
Mineral properties | 16,085 | 16,085 | 16,085 | 16,085 | 16,085 | ||||
Total assets | 22,254 | 23,289 | 21,096 | 22,756 | 24,470 | ||||
Current | |||||||||
Accounts payable and accrued liabilities | 458 | 310 | 720 | 817 | 408 | ||||
Related party loan | 2,000 | 2,000 | 2,000 | 2,000 | 2,318 | ||||
Convertible debt, current portion | 396 | 2,585 | 796 | 1,123 | |||||
Operating lease liability | 76 | 72 | 79 | 82 | 69 | ||||
Total current liabilities | 2,534 | 2,778 | 5,384 | 3,695 | 3,918 | ||||
Non-current | |||||||||
Convertible debt, net of current | 4,262 | 6,599 | 6,784 | ||||||
Operating lease liability | 66 | 86 | 44 | 23 | 105 | ||||
Total liabilities | 6,862 | 9,463 | 5,428 | 3,718 | 10,807 | ||||
SHAREHOLDERS’ EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding:276,670,606 at June 30, 2022 and 256,379,931 at June 30, 2021 | 120,935 | 115,896 | 123,045 | 129,055 | 113,882 | ||||
Accumulated deficit | (104,494) | (101,036) | (106,310) | (109,005) | (99,076) | ||||
Accumulated other comprehensive loss | (1,049) | (1,034) | (1,067) | (1,012) | (1,143) | ||||
Total shareholders’ equity | 15,392 | 13,826 | 15,668 | 19,038 | 13,663 | 2,641 | |||
Total liabilities and equity | 22,254 | 23,289 | 21,096 | 22,756 | 24,470 | ||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Current | |||||||||
Cash | 0 | ||||||||
Prepaid expenses and other | 0 | ||||||||
Total current assets | |||||||||
Non-current | |||||||||
Deposits | |||||||||
Investment in equity securities | |||||||||
Right-of-use assets | |||||||||
Land and buildings, net | |||||||||
Mineral properties | |||||||||
Total assets | |||||||||
Current | |||||||||
Accounts payable and accrued liabilities | |||||||||
Related party loan | |||||||||
Convertible debt, current portion | 1,300 | 1,373 | |||||||
Operating lease liability | |||||||||
Total current liabilities | 1,300 | 1,373 | |||||||
Non-current | |||||||||
Convertible debt, net of current | 1,096 | 563 | 450 | ||||||
Operating lease liability | |||||||||
Total liabilities | 1,096 | 563 | 1,300 | 1,373 | 450 | ||||
SHAREHOLDERS’ EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding:276,670,606 at June 30, 2022 and 256,379,931 at June 30, 2021 | |||||||||
Accumulated deficit | (1,096) | (562) | (1,280) | (1,392) | (434) | ||||
Accumulated other comprehensive loss | (1) | (20) | 19 | (16) | |||||
Total shareholders’ equity | (1,096) | (563) | (1,300) | (1,373) | (450) | ||||
Total liabilities and equity | |||||||||
[1]Amounts are restated. See Note 2 for more information. |
Schedule of Operations and Comp
Schedule of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses | ||||||||
Employee related costs | $ 2,150 | $ 1,655 | ||||||
Professional fees | 684 | 386 | $ 327 | |||||
Exploration expenditures | 3,309 | 1,056 | 1,201 | |||||
Other operating expenses | 1,653 | 995 | 528 | |||||
Total operating expenses | 7,796 | 4,092 | 3,432 | |||||
Change in financial instrument fair value | (32) | 38 | ||||||
Other income | (208) | |||||||
Loss on debt extinguishment | 163 | |||||||
Foreign exchange loss | 258 | (725) | 179 | |||||
Interest expense | 2,827 | 1,543 | 354 | |||||
Loss on equity securities | 6 | (9) | (2) | |||||
Loss before income taxes | 10,887 | 4,824 | 4,001 | |||||
Income tax benefit | ||||||||
Net loss | $ 2,000 | $ 3,992 | $ 2,088 | $ 6,080 | $ 8,080 | 10,887 | 4,824 | 4,001 |
Other comprehensive gain: | ||||||||
Reporting currency translation | (166) | 804 | (171) | |||||
Total comprehensive loss | $ 10,721 | $ 5,628 | $ 3,830 | |||||
Loss per common share, basic and diluted | $ 0.04 | $ 0.02 | $ 0.02 | |||||
Weighted average common shares outstanding | 263,737,227 | 241,967,116 | 234,610,126 | |||||
Previously Reported [Member] | ||||||||
Operating expenses | ||||||||
Employee related costs | 308 | 1,232 | 319 | 1,551 | 1,859 | $ 2,150 | $ 1,655 | |
Professional fees | 16 | 424 | 90 | 514 | 530 | 684 | 386 | |
Exploration expenditures | 845 | 491 | 621 | 1,112 | 1,957 | 3,309 | 1,056 | |
Other operating expenses | 217 | 881 | 226 | 1,107 | 1,324 | 1,653 | 995 | |
Total operating expenses | 1,386 | 3,028 | 1,256 | 4,284 | 5,670 | 7,796 | 4,092 | |
Change in financial instrument fair value | (32) | |||||||
Other income | (208) | |||||||
Loss on debt extinguishment | 163 | |||||||
Foreign exchange loss | (48) | (61) | 210 | 149 | 101 | 221 | (729) | |
Interest expense | 477 | 488 | 492 | 980 | 1,457 | 1,906 | 1,113 | |
Loss on equity securities | 1 | 3 | 2 | 5 | 6 | 6 | (9) | |
Loss before income taxes | 1,816 | 3,458 | 1,960 | 5,418 | 7,234 | 9,929 | 4,390 | |
Income tax benefit | ||||||||
Net loss | 1,816 | 3,458 | 1,960 | 5,418 | 7,234 | 9,929 | 4,390 | |
Other comprehensive gain: | ||||||||
Reporting currency translation | 18 | 15 | (109) | (94) | (76) | (131) | 788 | |
Total comprehensive loss | $ 1,834 | $ 3,473 | $ 1,851 | $ 5,324 | $ 7,158 | $ 9,798 | $ 5,178 | |
Loss per common share, basic and diluted | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.04 | $ 0.02 | |
Weighted average common shares outstanding | 265,764,404 | 261,392,248 | 258,023,048 | 259,734,327 | 261,729,813 | 263,737,227 | 241,967,116 | |
Revision of Prior Period, Adjustment [Member] | ||||||||
Operating expenses | ||||||||
Employee related costs | ||||||||
Professional fees | ||||||||
Exploration expenditures | ||||||||
Other operating expenses | ||||||||
Total operating expenses | ||||||||
Change in financial instrument fair value | ||||||||
Other income | ||||||||
Loss on debt extinguishment | ||||||||
Foreign exchange loss | (18) | 15 | 15 | (3) | 37 | 4 | ||
Interest expense | 202 | 534 | 113 | 647 | 849 | 921 | 430 | |
Loss on equity securities | ||||||||
Loss before income taxes | 184 | 534 | 128 | 662 | 846 | 958 | 434 | |
Income tax benefit | ||||||||
Net loss | 184 | 534 | 128 | 662 | 846 | 958 | 434 | |
Other comprehensive gain: | ||||||||
Reporting currency translation | 20 | (1) | (15) | (16) | 4 | (35) | 16 | |
Total comprehensive loss | $ 204 | $ 533 | $ 113 | $ 646 | $ 850 | $ 923 | $ 450 | |
Loss per common share, basic and diluted | ||||||||
Weighted average common shares outstanding |
Schedule of Consolidated Statem
Schedule of Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | $ (2,000) | $ (3,992) | $ (2,088) | $ (6,080) | $ (8,080) | $ (10,887) | $ (4,824) | $ (4,001) |
Adjustments for: | ||||||||
Noncash lease activity | (1) | (3) | (7) | 30 | ||||
Change in financial instrument fair value | (32) | 38 | ||||||
Unrealized gain on equity securities | 2 | 5 | 6 | 6 | (9) | (2) | ||
Accretion of convertible debt | 551 | 1,524 | 2,149 | 2,619 | 1,100 | |||
Foreign exchange loss (gain) | 288 | 225 | 148 | 329 | (661) | 144 | ||
Gain on debt forgiveness | (196) | |||||||
Loss on debt extinguishment | 163 | |||||||
Share-based compensation | 1,568 | 1,568 | 1,745 | 797 | 153 | |||
Total | (6,192) | (3,632) | (3,668) | |||||
Change in working capital items: | ||||||||
Prepaid expenses | (270) | (255) | (516) | (377) | 9 | 40 | ||
Accounts payable and accrued liabilities | (92) | 57 | 314 | 419 | (1,103) | 579 | ||
Net cash used in operating activities | (1,609) | (2,958) | (4,414) | (6,150) | (4,726) | (3,049) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of mineral rights | (5,468) | |||||||
Acquisition of land and buildings | (16) | (16) | (16) | (16) | (837) | |||
Net cash used in investing activities | (16) | (16) | (16) | (16) | (6,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | 664 | 963 | 973 | 4,737 | 10,677 | 470 | ||
Share issue costs | (118) | (174) | ||||||
Issuance of convertible debt, net of costs | 9,477 | |||||||
Loan repayments | (406) | |||||||
Related party debt draws | 2,338 | |||||||
Related party debt repayments | (318) | (318) | (318) | (318) | (1,500) | |||
Long term debt funding | 196 | |||||||
Net cash provided by financing activities | 346 | 645 | 655 | 4,301 | 18,074 | 3,004 | ||
Exchange rate effect on cash and cash equivalents | (170) | (122) | (78) | (172) | (33) | (5) | ||
Change in cash and cash equivalents during period | (1,449) | (2,451) | (3,853) | (2,037) | 7,010 | (50) | ||
Cash and cash equivalents, beginning of period | 4,866 | 5,868 | 7,317 | 7,317 | 7,317 | 7,317 | 307 | 357 |
Cash and cash equivalents, end of period | 3,464 | 4,866 | 5,868 | 4,866 | 3,464 | 5,280 | 7,317 | 307 |
Previously Reported [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | (1,816) | (3,458) | (1,960) | (5,418) | (7,234) | (9,929) | (4,390) | |
Adjustments for: | ||||||||
Noncash lease activity | (1) | (3) | (7) | 30 | ||||
Change in financial instrument fair value | (32) | |||||||
Unrealized gain on equity securities | 2 | 5 | 6 | 6 | (9) | |||
Accretion of convertible debt | 438 | 877 | 1,300 | 670 | ||||
Foreign exchange loss (gain) | 273 | 210 | 151 | (665) | ||||
Gain on debt forgiveness | (196) | |||||||
Loss on debt extinguishment | 163 | |||||||
Share-based compensation | 1,568 | 1,568 | 1,745 | 797 | ||||
Total | (6,192) | (3,632) | ||||||
Change in working capital items: | ||||||||
Prepaid expenses | (270) | (255) | (516) | (377) | 9 | |||
Accounts payable and accrued liabilities | (92) | 57 | 314 | 419 | (1,103) | |||
Net cash used in operating activities | (1,609) | (2,958) | (4,414) | (6,150) | (4,726) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of mineral rights | (5,468) | |||||||
Acquisition of land and buildings | (16) | (16) | (16) | (16) | (837) | |||
Net cash used in investing activities | (16) | (16) | (16) | (16) | (6,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | 664 | 963 | 973 | 4,737 | 10,677 | |||
Share issue costs | (118) | (174) | ||||||
Issuance of convertible debt, net of costs | 9,477 | |||||||
Loan repayments | (406) | |||||||
Related party debt draws | ||||||||
Related party debt repayments | (318) | (318) | (318) | (318) | (1,500) | |||
Long term debt funding | ||||||||
Net cash provided by financing activities | 346 | 645 | 655 | 4,301 | 18,074 | |||
Exchange rate effect on cash and cash equivalents | (170) | (122) | (78) | (172) | (33) | |||
Change in cash and cash equivalents during period | (1,449) | (2,451) | (3,853) | (2,037) | 7,010 | |||
Cash and cash equivalents, beginning of period | 4,866 | 5,868 | 7,317 | 7,317 | 7,317 | 7,317 | 307 | |
Cash and cash equivalents, end of period | 3,464 | 4,866 | 5,868 | 4,866 | 3,464 | 5,280 | 7,317 | 307 |
Revision of Prior Period, Adjustment [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | (184) | (534) | (128) | (662) | (846) | (958) | (434) | |
Adjustments for: | ||||||||
Noncash lease activity | ||||||||
Change in financial instrument fair value | ||||||||
Unrealized gain on equity securities | ||||||||
Accretion of convertible debt | 113 | 647 | 849 | 430 | ||||
Foreign exchange loss (gain) | 15 | 15 | (3) | 4 | ||||
Gain on debt forgiveness | ||||||||
Loss on debt extinguishment | ||||||||
Share-based compensation | ||||||||
Total | ||||||||
Change in working capital items: | ||||||||
Prepaid expenses | ||||||||
Accounts payable and accrued liabilities | ||||||||
Net cash used in operating activities | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of mineral rights | ||||||||
Acquisition of land and buildings | ||||||||
Net cash used in investing activities | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | ||||||||
Share issue costs | ||||||||
Issuance of convertible debt, net of costs | ||||||||
Loan repayments | ||||||||
Related party debt draws | ||||||||
Related party debt repayments | ||||||||
Long term debt funding | ||||||||
Net cash provided by financing activities | ||||||||
Exchange rate effect on cash and cash equivalents | ||||||||
Change in cash and cash equivalents during period | ||||||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period |
Schedule of Consolidated Stat_2
Schedule of Consolidated Statement of Shareholders’ Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | ||||||
Balance, June 30, 2021 As Restated | $ 14,296 | $ 13,263 | $ 13,213 | [1] | $ 13,213 | [1] | $ 13,213 | [1] | $ 13,213 | [1] | $ 2,641 | $ 4,852 | |
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | 338 | |||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | 148 | |||||
Fair value of warrants granted | 14 | 1,795 | |||||||||||
Private placement – May 2021 | 3,711 | 5,124 | |||||||||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | 980 | |||||
Share issuance costs | (130) | (175) | |||||||||||
Share-based compensation | 1,568 | 1,568 | 1,568 | 1,745 | 797 | 153 | |||||||
Reporting currency presentation | (38) | (14) | 124 | 110 | 72 | 166 | (804) | 171 | |||||
Loss for the year | (2,000) | (3,992) | (2,088) | (6,080) | (8,080) | (10,887) | (4,824) | (4,001) | |||||
Balance, June 30, 2022 As Restated | 14,368 | 14,296 | 13,263 | 14,296 | 14,368 | 17,665 | [1] | 13,213 | [1] | 2,641 | |||
Common Stock [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | 120,935 | 115,896 | 113,882 | [1] | 113,882 | [1] | 113,882 | [1] | 113,882 | [1] | 97,682 | 96,063 | |
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | 338 | |||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | 148 | |||||
Fair value of warrants granted | 14 | 1,795 | |||||||||||
Private placement – May 2021 | 3,711 | 5,124 | |||||||||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | 980 | |||||
Share issuance costs | (130) | (175) | |||||||||||
Share-based compensation | 1,568 | 1,568 | 1,568 | 1,745 | 797 | 153 | |||||||
Reporting currency presentation | |||||||||||||
Loss for the year | |||||||||||||
Balance, June 30, 2022 As Restated | 123,045 | 120,935 | 115,896 | 120,935 | 123,045 | 129,055 | [1] | 113,882 | [1] | 97,682 | |||
Retained Earnings [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (105,590) | (101,598) | (99,510) | [1] | (99,510) | [1] | (99,510) | [1] | (99,510) | [1] | (94,686) | (90,685) | |
Exercise of warrants | |||||||||||||
Exercise of options | |||||||||||||
Fair value of warrants granted | |||||||||||||
Private placement – May 2021 | |||||||||||||
Debt conversions | |||||||||||||
Share issuance costs | |||||||||||||
Share-based compensation | |||||||||||||
Reporting currency presentation | |||||||||||||
Loss for the year | (2,000) | (3,992) | (2,088) | (6,080) | (8,080) | (10,887) | (4,824) | (4,001) | |||||
Balance, June 30, 2022 As Restated | (107,590) | (105,590) | (101,598) | (105,590) | (107,590) | (110,397) | [1] | (99,510) | [1] | (94,686) | |||
AOCI Attributable to Parent [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (1,049) | (1,035) | (1,159) | [1] | (1,159) | [1] | (1,159) | [1] | (1,159) | [1] | (355) | (526) | |
Exercise of warrants | |||||||||||||
Exercise of options | |||||||||||||
Fair value of warrants granted | |||||||||||||
Private placement – May 2021 | |||||||||||||
Debt conversions | |||||||||||||
Share issuance costs | |||||||||||||
Share-based compensation | |||||||||||||
Reporting currency presentation | (38) | (14) | 124 | 110 | 72 | 166 | (804) | 171 | |||||
Loss for the year | |||||||||||||
Balance, June 30, 2022 As Restated | (1,087) | (1,049) | (1,035) | (1,049) | (1,087) | (993) | [1] | (1,159) | [1] | (355) | |||
Previously Reported [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | 15,392 | 13,826 | 13,663 | 13,663 | 13,663 | 13,663 | 2,641 | ||||||
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | ||||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | ||||||
Fair value of warrants granted | 14 | 1,795 | |||||||||||
Private placement – May 2021 | 3,711 | 5,124 | |||||||||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | ||||||
Share issuance costs | (130) | (175) | |||||||||||
Share-based compensation | 1,568 | 1,568 | 1,568 | 1,745 | 797 | ||||||||
Reporting currency presentation | (18) | (15) | 109 | 94 | 76 | 131 | (788) | ||||||
Loss for the year | (1,816) | (3,458) | (1,960) | (5,418) | (7,234) | (9,929) | (4,390) | ||||||
Balance, June 30, 2022 As Restated | 15,668 | 15,392 | 13,826 | 15,392 | 15,668 | 19,038 | 13,663 | 2,641 | |||||
Previously Reported [Member] | Common Stock [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | 120,935 | 115,896 | 113,882 | 113,882 | 113,882 | 113,882 | 97,682 | ||||||
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | ||||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | ||||||
Fair value of warrants granted | 14 | 1,795 | |||||||||||
Private placement – May 2021 | 3,711 | 5,124 | |||||||||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | ||||||
Share issuance costs | (130) | (175) | |||||||||||
Share-based compensation | 1,568 | 1,568 | 1,568 | 1,745 | 797 | ||||||||
Reporting currency presentation | |||||||||||||
Loss for the year | |||||||||||||
Balance, June 30, 2022 As Restated | 123,045 | 120,935 | 115,896 | 120,935 | 123,045 | 129,055 | 113,882 | 97,682 | |||||
Previously Reported [Member] | Retained Earnings [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (104,494) | (101,036) | (99,076) | (99,076) | (99,076) | (99,076) | (94,686) | ||||||
Exercise of warrants | |||||||||||||
Exercise of options | |||||||||||||
Fair value of warrants granted | |||||||||||||
Private placement – May 2021 | |||||||||||||
Debt conversions | |||||||||||||
Share issuance costs | |||||||||||||
Share-based compensation | |||||||||||||
Reporting currency presentation | |||||||||||||
Loss for the year | (1,816) | (3,458) | (1,960) | (5,418) | (7,234) | (9,929) | (4,390) | ||||||
Balance, June 30, 2022 As Restated | (106,310) | (104,494) | (101,036) | (104,494) | (106,310) | (109,005) | (99,076) | (94,686) | |||||
Previously Reported [Member] | AOCI Attributable to Parent [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (1,049) | (1,034) | (1,143) | (1,143) | (1,143) | (1,143) | (355) | ||||||
Exercise of warrants | |||||||||||||
Exercise of options | |||||||||||||
Fair value of warrants granted | |||||||||||||
Private placement – May 2021 | |||||||||||||
Debt conversions | |||||||||||||
Share issuance costs | |||||||||||||
Share-based compensation | |||||||||||||
Reporting currency presentation | (18) | (15) | 109 | 94 | 76 | 131 | (788) | ||||||
Loss for the year | |||||||||||||
Balance, June 30, 2022 As Restated | (1,067) | (1,049) | (1,034) | (1,049) | (1,067) | (1,012) | (1,143) | (355) | |||||
Revision of Prior Period, Adjustment [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (1,096) | (563) | (450) | (450) | (450) | (450) | |||||||
Reporting currency presentation | (20) | 1 | 15 | 16 | (4) | 35 | (16) | ||||||
Loss for the year | (184) | (534) | (128) | (662) | (846) | (958) | (434) | ||||||
Balance, June 30, 2022 As Restated | (1,300) | (1,096) | (563) | (1,096) | (1,300) | (1,373) | (450) | ||||||
Revision of Prior Period, Adjustment [Member] | Common Stock [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | |||||||||||||
Reporting currency presentation | |||||||||||||
Loss for the year | |||||||||||||
Balance, June 30, 2022 As Restated | |||||||||||||
Revision of Prior Period, Adjustment [Member] | Retained Earnings [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (1,096) | (562) | (434) | (434) | (434) | (434) | |||||||
Reporting currency presentation | |||||||||||||
Loss for the year | (184) | (534) | (128) | (662) | (846) | (958) | (434) | ||||||
Balance, June 30, 2022 As Restated | (1,280) | (1,096) | (562) | (1,096) | (1,280) | (1,392) | (434) | ||||||
Revision of Prior Period, Adjustment [Member] | AOCI Attributable to Parent [Member] | |||||||||||||
Balance, June 30, 2021 As Restated | (1) | (16) | (16) | (16) | (16) | ||||||||
Reporting currency presentation | (20) | 1 | 15 | 16 | (4) | 35 | (16) | ||||||
Loss for the year | |||||||||||||
Balance, June 30, 2022 As Restated | $ (20) | $ (1) | $ (20) | $ 19 | $ (16) | ||||||||
[1]Amounts are restated. See Note 2 for more information. |
Schedule Of Cash Flow (Details)
Schedule Of Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | $ (2,000) | $ (3,992) | $ (2,088) | $ (6,080) | $ (8,080) | $ (10,887) | $ (4,824) | $ (4,001) |
Adjustments for: | ||||||||
Noncash lease activity | (1) | (3) | (7) | 30 | ||||
Change in financial instrument fair value | (32) | 38 | ||||||
Depreciation | 1 | 1 | 2 | 3 | ||||
Unrealized loss (gain) on equity securities | 2 | 5 | 6 | 6 | (9) | (2) | ||
Accretion of convertible debt | 2,617 | |||||||
Foreign exchange loss (gain) | 331 | |||||||
Gain on debt forgiveness | (196) | |||||||
Loss on debt extinguishment | 163 | |||||||
Share-based compensation | 1,568 | 1,568 | 1,745 | 797 | 153 | |||
Total | (6,192) | (3,632) | (3,668) | |||||
Change in working capital items: | ||||||||
Prepaid expenses | (270) | (255) | (516) | (377) | 9 | 40 | ||
Accounts payable and accrued liabilities | (92) | 57 | 314 | 419 | (1,103) | 579 | ||
Net cash used in operating activities | (1,609) | (2,958) | (4,414) | (6,150) | (4,726) | (3,049) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of mineral rights | (5,468) | |||||||
Acquisition of land and buildings | (16) | (16) | (16) | (16) | (837) | |||
Net cash used in investing activities | (16) | (16) | (16) | (16) | (6,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | 664 | 963 | 973 | 4,737 | 10,677 | 470 | ||
Share issue costs | (118) | (174) | ||||||
Issuance of convertible debt, net of costs | 9,477 | |||||||
Loan repayments | (406) | |||||||
Related party debt draws | 2,338 | |||||||
Related party debt repayments | (318) | (318) | (318) | (318) | (1,500) | |||
Long term debt funding | 196 | |||||||
Net cash provided by financing activities | 346 | 645 | 655 | 4,301 | 18,074 | 3,004 | ||
Exchange rate effect on cash and cash equivalents | (170) | (122) | (78) | (172) | (33) | (5) | ||
Change in cash and cash equivalents during period | (1,449) | (2,451) | (3,853) | (2,037) | 7,010 | (50) | ||
Cash and cash equivalents, beginning of period | 4,866 | 5,868 | 7,317 | 7,317 | 7,317 | 7,317 | 307 | 357 |
Cash and cash equivalents, end of period | 3,464 | 4,866 | 5,868 | 4,866 | 3,464 | 5,280 | 7,317 | 307 |
Previously Reported [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | (1,816) | (3,458) | (1,960) | (5,418) | (7,234) | (9,929) | (4,390) | |
Adjustments for: | ||||||||
Noncash lease activity | (1) | (3) | (7) | 30 | ||||
Change in financial instrument fair value | (32) | |||||||
Depreciation | 1 | 1 | 2 | 3 | ||||
Unrealized loss (gain) on equity securities | 2 | 5 | 6 | 6 | (9) | |||
Accretion of convertible debt | 1,696 | |||||||
Foreign exchange loss (gain) | 294 | |||||||
Gain on debt forgiveness | (196) | |||||||
Loss on debt extinguishment | 163 | |||||||
Share-based compensation | 1,568 | 1,568 | 1,745 | 797 | ||||
Total | (6,192) | (3,632) | ||||||
Change in working capital items: | ||||||||
Prepaid expenses | (270) | (255) | (516) | (377) | 9 | |||
Accounts payable and accrued liabilities | (92) | 57 | 314 | 419 | (1,103) | |||
Net cash used in operating activities | (1,609) | (2,958) | (4,414) | (6,150) | (4,726) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of mineral rights | (5,468) | |||||||
Acquisition of land and buildings | (16) | (16) | (16) | (16) | (837) | |||
Net cash used in investing activities | (16) | (16) | (16) | (16) | (6,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | 664 | 963 | 973 | 4,737 | 10,677 | |||
Share issue costs | (118) | (174) | ||||||
Issuance of convertible debt, net of costs | 9,477 | |||||||
Loan repayments | (406) | |||||||
Related party debt draws | ||||||||
Related party debt repayments | (318) | (318) | (318) | (318) | (1,500) | |||
Long term debt funding | ||||||||
Net cash provided by financing activities | 346 | 645 | 655 | 4,301 | 18,074 | |||
Exchange rate effect on cash and cash equivalents | (170) | (122) | (78) | (172) | (33) | |||
Change in cash and cash equivalents during period | (1,449) | (2,451) | (3,853) | (2,037) | 7,010 | |||
Cash and cash equivalents, beginning of period | 4,866 | 5,868 | 7,317 | 7,317 | 7,317 | 7,317 | 307 | |
Cash and cash equivalents, end of period | 3,464 | 4,866 | 5,868 | 4,866 | 3,464 | 5,280 | 7,317 | 307 |
Revision of Prior Period, Adjustment [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | (184) | (534) | (128) | (662) | (846) | (958) | (434) | |
Adjustments for: | ||||||||
Noncash lease activity | ||||||||
Change in financial instrument fair value | ||||||||
Depreciation | ||||||||
Unrealized loss (gain) on equity securities | ||||||||
Accretion of convertible debt | 921 | |||||||
Foreign exchange loss (gain) | 37 | |||||||
Gain on debt forgiveness | ||||||||
Loss on debt extinguishment | ||||||||
Share-based compensation | ||||||||
Total | ||||||||
Change in working capital items: | ||||||||
Prepaid expenses | ||||||||
Accounts payable and accrued liabilities | ||||||||
Net cash used in operating activities | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of mineral rights | ||||||||
Acquisition of land and buildings | ||||||||
Net cash used in investing activities | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | ||||||||
Share issue costs | ||||||||
Issuance of convertible debt, net of costs | ||||||||
Loan repayments | ||||||||
Related party debt draws | ||||||||
Related party debt repayments | ||||||||
Long term debt funding | ||||||||
Net cash provided by financing activities | ||||||||
Exchange rate effect on cash and cash equivalents | ||||||||
Change in cash and cash equivalents during period | ||||||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period |
Schedule Of Shareholders_ Equit
Schedule Of Shareholders’ Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Balance, June 30, 2021 As Restated | $ 14,296 | $ 13,263 | $ 13,213 | [1] | $ 13,213 | [1] | $ 13,213 | [1] | $ 13,213 | [1] | $ 2,641 | $ 4,852 |
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | 338 | ||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | $ 483 | $ 215 | $ 148 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 2,051,533 | 2,952,296 | 320,500 | |||||||||
Common Stock [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | 120,935 | 115,896 | 113,882 | [1] | 113,882 | [1] | 113,882 | [1] | $ 113,882 | [1] | $ 97,682 | $ 96,063 |
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | 338 | ||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | $ 483 | $ 215 | $ 148 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 2,051,533 | 2,952,296 | 320,500 | |||||||||
Retained Earnings [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (105,590) | (101,598) | (99,510) | [1] | (99,510) | [1] | (99,510) | [1] | $ (99,510) | [1] | $ (94,686) | $ (90,685) |
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,049) | (1,035) | (1,159) | [1] | (1,159) | [1] | (1,159) | [1] | (1,159) | [1] | (355) | (526) |
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Previously Reported [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | 15,392 | 13,826 | 13,663 | 13,663 | 13,663 | 13,663 | 2,641 | |||||
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | |||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | |||||
Previously Reported [Member] | Common Stock [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | 120,935 | 115,896 | 113,882 | 113,882 | 113,882 | 113,882 | 97,682 | |||||
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | |||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | |||||
Previously Reported [Member] | Retained Earnings [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (104,494) | (101,036) | (99,076) | (99,076) | (99,076) | (99,076) | (94,686) | |||||
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Previously Reported [Member] | AOCI Attributable to Parent [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,049) | (1,034) | (1,143) | (1,143) | (1,143) | (1,143) | (355) | |||||
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,096) | (563) | (450) | (450) | (450) | (450) | ||||||
Revision of Prior Period, Adjustment [Member] | Common Stock [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | ||||||||||||
Revision of Prior Period, Adjustment [Member] | Retained Earnings [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,096) | (562) | (434) | (434) | (434) | (434) | ||||||
Revision of Prior Period, Adjustment [Member] | AOCI Attributable to Parent [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | $ (1) | $ (16) | $ (16) | $ (16) | $ (16) | |||||||
[1]Amounts are restated. See Note 2 for more information. |
Schedule of intercompany transa
Schedule of intercompany transactions and balances (Details) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Entity 0896800 B C Ltd [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Country of incorporation | Canada | Canada |
Percentage of ownership | 100% | 100% |
Elk Creek Resources Corp [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Country of incorporation | USA | USA |
Percentage of ownership | 100% | 100% |
Schedule of excluded from the d
Schedule of excluded from the dilutive securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Excluded potentially dilutive securities : | |||
Options | 14,464,000 | 15,965,000 | 19,129,409 |
Warrants | 18,516,253 | 14,341,868 | 12,376,451 |
Convertible debt | 4,152,000 | 14,557,000 | 1,144,773 |
Total potential dilutive securities | $ 37,132,253 | $ 44,863,868 | $ 32,650,633 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Accounting Policies [Abstract] | ||
Accrued exploration stage expense | $ 48 | $ 48 |
GOING CONCERN ISSUES (Details N
GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Net loss | $ 2,000 | $ 3,992 | $ 2,088 | $ 6,080 | $ 8,080 | $ 10,887 | $ 4,824 | $ 4,001 |
Accumulated deficit | (107,590) | $ (105,590) | $ (105,590) | (107,590) | (110,397) | (99,510) | ||
Cash | $ 3,464 | $ 3,464 | 5,280 | $ 7,317 | ||||
Capital expenditure of operations | $ (109,005) |
MINERAL PROPERTIES (Details Nar
MINERAL PROPERTIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 23, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2012 | |
Reserve Quantities [Line Items] | ||||||||
Acquisition of mineral rights | $ 5,468 | |||||||
Acquisition of land and buildings | $ 16 | $ 16 | $ 16 | $ 16 | $ 837 | |||
Share Exchange Agreement [Member] | Canada, Dollars | ||||||||
Reserve Quantities [Line Items] | ||||||||
Total consideration | $ 13,246 | |||||||
Deferred tax impacts | $ 4,736 | |||||||
Option Agreement [Member] | Elk Creek Resources Corp [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Purchase price | $ 6,300 | |||||||
Indirect costs | 57 | |||||||
Acquisition of mineral rights | 837 | |||||||
Acquisition of land and buildings | $ 5,468 | |||||||
Landholder Arrangement [Member] | Elk Creek Resources Corp [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Percentage of net smelter return | 2% | |||||||
Entity 0896800 B C Ltd [Member] | Share Exchange Agreement [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Number of shares issued upon finder's fees | 1,034,348 | |||||||
Entity 0896800 B C Ltd [Member] | Share Exchange Agreement [Member] | Elk Creek Resources Corp [Member] | ||||||||
Reserve Quantities [Line Items] | ||||||||
Number of shares issued upon acquisition | 18,990,539 |
Schedule of properties (Details
Schedule of properties (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Cost | $ 856 | $ 840 |
Accumulated Depreciation | 6 | 3 |
Net | 850 | 837 |
Land [Member] | ||
Cost | 811 | 811 |
Accumulated Depreciation | 0 | |
Net | 811 | 811 |
Building [Member] | ||
Cost | 45 | 29 |
Accumulated Depreciation | 6 | 3 |
Net | $ 39 | $ 26 |
Schedule of account payable and
Schedule of account payable and accrued liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Payables and Accruals [Abstract] | ||||
Accounts payable, trade | $ 115 | $ 163 | ||
Trade payable accruals | 654 | 157 | ||
Environmental accruals | 48 | 48 | ||
Interest payable to related party (see Note 11) | 40 | |||
Total accounts payable and accrued liabilities | $ 817 | $ 720 | $ 458 | $ 408 |
Schedule of convertible debt (D
Schedule of convertible debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Short-Term Debt [Line Items] | ||||
Nordmin Note | $ 2,169 | $ 3,885 | $ 1,123 | |
Convertible Debt, Noncurrent | $ 5,358 | 7,234 | ||
Convertible Security [Member] | ||||
Short-Term Debt [Line Items] | ||||
Nordmin Note | 2,169 | |||
Convertible Debt, Noncurrent | 7,234 | |||
Nordmin Convertible Note [Member] | ||||
Short-Term Debt [Line Items] | ||||
Nordmin Note | $ 1,123 |
Changes in the Lind III Convert
Changes in the Lind III Convertible Security are as follows: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Short-Term Debt [Line Items] | ||||||
Beginning balance | $ 1,123 | $ 1,123 | $ 1,123 | $ 1,123 | ||
Accretion expense | 551 | 1,524 | 2,149 | 2,619 | $ 1,100 | |
Eeginning balance | 3,885 | 2,169 | 1,123 | |||
Convertible Security [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Beginning balance | $ 7,234 | $ 7,234 | $ 7,234 | 7,234 | 7,765 | |
Conversions | (7,635) | (1,600) | ||||
Accretion expense | 2,570 | 1,069 | ||||
Eeginning balance | $ 2,169 | $ 7,234 | $ 7,765 |
Changes in the Nordmin Note are
Changes in the Nordmin Note are as follows: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Short-Term Debt [Line Items] | ||||||
Accretion expense | $ 551 | $ 1,524 | $ 2,149 | $ 2,619 | $ 1,100 | |
Nordmin Convertible Note [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Beginning balance | $ 1,123 | $ 1,123 | $ 1,123 | 1,123 | 1,740 | |
Conversions | (1,172) | (668) | ||||
Accretion expense | 49 | 51 | ||||
Ending balance | $ 1,123 | $ 1,740 |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) | 12 Months Ended | |||||||||
Feb. 19, 2021 USD ($) shares | Feb. 19, 2021 USD ($) shares | Feb. 19, 2021 USD ($) shares | Dec. 18, 2020 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Feb. 18, 2022 $ / shares | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Dec. 30, 2020 Number | Jan. 16, 2017 USD ($) | |
Short-Term Debt [Line Items] | ||||||||||
Convertible security | $ 11,700,000 | |||||||||
Investment interest rate | 8.50% | 8.50% | 8.50% | |||||||
Commitment fees | $ 350,000 | $ 350,000 | $ 350,000 | |||||||
Net Proceeds | $ 9,650,000 | |||||||||
Long term debt | 24 months | |||||||||
Credit agreement | $ 4,000,000 | |||||||||
Issued | shares | 8,558,000 | 8,558,000 | 8,558,000 | |||||||
Common share purchase | $ / shares | $ 0.97 | |||||||||
Line of Credit Facility, Commitment Fee Amount | $ 350,000 | |||||||||
Related party loanamount | $ 40,000 | |||||||||
Face amount | 14,000 | 1,795,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | $ (163,000) | |||||||||
Additional transaction cost | $ 25,000 | |||||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | Number | 0 | |||||||||
Measurement Input, Price Volatility [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | Number | 0.4316 | |||||||||
Measurement Input, Expected Term [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Intermediate-life Plants, Useful Life | 2 years | |||||||||
Canada, Dollars | Convertible Security [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Related party loanamount | $ 2,000,000 | |||||||||
Nordmin Convertible Note [Member] | Canada, Dollars | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Shares price | $ / shares | $ 0.90 | |||||||||
Lind I I I Convertible Security [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Convertible security | $ 9,477,000 | |||||||||
Lind I I I Convertible Security [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Description of debt conversion | Pursuant to the Lind III Agreement, Lind III is entitled to convert the Lind III Convertible Security into Common Shares in monthly installments over its term at a price per Common Share equal to 85% of the volume-weighted average price Common Shares on the Toronto Stock Exchange (“TSX”) for the five trading days immediately preceding to the date on which Lind III provides notice to the Company of its election to convert. The Lind III Agreement provides that Common Shares issuable upon conversion, together with the number of Common Shares issued upon exercise of Warrants, shall not exceed 43,588,000 Common Shares. Subject to certain exceptions, the Lind III Agreement contains restrictions on how much of the Lind III Convertible Security may be converted in any particular month. The Lind III Agreement also provides NioCorp with the option to buy back the remaining face amount of the Lind III Convertible Security in cash at any time; provided that, if the Company exercises such option, Lind III will have the option to convert up to 33.33% of the remaining face amount into Common Shares at the price described above. | |||||||||
Risk free interest rate | 0.40% | |||||||||
Expected dividend yield | 0% | |||||||||
Volatility | 51.60% | |||||||||
Intermediate-life Plants, Useful Life | 4 years | |||||||||
Transaction cost | $ 173,000 | |||||||||
Convertible Security [Member] | Lind Asset Management I VLLC [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Number of shares issued upon debt conversion | shares | 4,152,000 | |||||||||
Description of change fair value obligated to issue | Company would be obligated to issue would change by approximately 47,000 shares. | |||||||||
Nordmin Convertible Note [Member] | Nordmin Agreement [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Number of shares issued upon debt conversion | shares | 836,551 | |||||||||
Conversion price (in dollars per share) | $ / shares | $ 0.684 | |||||||||
Face amount | $ 1,872,000 | |||||||||
Number of warrants issued | shares | 500,000 | |||||||||
Subscription price | $ 1,804,000 | |||||||||
Implied interest rate | 5% | |||||||||
Debt conversion amount | $ 450,000 | |||||||||
Nordmin Convertible Note [Member] | Nordmin Agreement [Member] | Canada, Dollars | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Short-Term Debt [Line Items] | ||||||||||
Credit agreement | $ 3,500,000 |
Stock option transactions are s
Stock option transactions are summarized as follows: (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Beginning balance | 15,965,000 | 19,129,409 | 19,449,909 |
Exercised | (2,051,533) | (2,952,296) | (320,500) |
Granted | 4,475,000 | 3,700,000 | |
Cancelled/expired | (3,924,467) | (3,912,113) | |
Ending balance | 14,464,000 | 15,965,000 | 19,129,409 |
Canada, Dollars | |||
Beginning balance | $ 0.65 | $ 0.62 | $ 0.62 |
Exercised | 0.70 | 0.61 | 0.62 |
Granted | 1.33 | 0.78 | |
Cancelled/expired | 0.77 | 0.64 | |
Ending balance | $ 0.83 | $ 0.65 | $ 0.62 |
Schedule of information and ass
Schedule of information and assumptions used to determine option costs (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Risk-free interest rate | 1.33% | 0.26% | |
Expected dividend yield | 0% | 0% | |
Expected stock price volatility (historical basis) | 54.40% | 54.10% | |
Expected option life in years | 3 years | 3 years | |
Canada, Dollars | |||
Fair value per option granted during the period | $ 0.49 | $ 0.25 |
Schedule of information about s
Schedule of information about stock options outstanding (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2022 USD ($) shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding | shares | 14,464,000 |
Number exercisable | shares | 14,464,000 |
Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 2,984 |
Aggregate Intrinsic Value | $ | $ 2,984 |
Exercise Price 0.47 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Nov. 09, 2022 |
Number of outstanding | shares | 2,804,000 |
Number exercisable | shares | 2,804,000 |
Exercise Price 0.47 [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,206 |
Aggregate Intrinsic Value | $ | $ 1,206 |
Exercise Price 0.84 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Sep. 18, 2023 |
Number of outstanding | shares | 1,050,000 |
Number exercisable | shares | 1,050,000 |
Exercise Price 0.84 [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 63 |
Aggregate Intrinsic Value | $ | $ 63 |
Exercise Price 0.54 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Nov. 15, 2023 |
Number of outstanding | shares | 3,785,000 |
Number exercisable | shares | 3,785,000 |
Exercise Price 0.54 [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,362 |
Aggregate Intrinsic Value | $ | $ 1,362 |
Exercise Price 0.75 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Dec. 14, 2023 |
Number of outstanding | shares | 1,825,000 |
Number exercisable | shares | 1,825,000 |
Exercise Price 0.75 [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 274 |
Aggregate Intrinsic Value | $ | $ 274 |
Exercise Price 0.75 One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Dec. 16, 2023 |
Number of outstanding | shares | 525,000 |
Number exercisable | shares | 525,000 |
Exercise Price 0.75 One [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 79 |
Aggregate Intrinsic Value | $ | $ 79 |
Exercise Price 1.36 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Dec. 17, 2024 |
Number of outstanding | shares | 3,975,000 |
Number exercisable | shares | 3,975,000 |
Exercise Price 1.36 [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | |
Aggregate Intrinsic Value | $ | |
Exercise Price 1.10 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | May 30, 2025 |
Number of outstanding | shares | 500,000 |
Number exercisable | shares | 500,000 |
Exercise Price 1.10 [Member] | Canada, Dollars | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | |
Aggregate Intrinsic Value | $ |
Schedule of warrant transaction
Schedule of warrant transactions (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance, at beginning | 14,341,868 | 12,376,451 | 21,374,801 |
Exercised | (871,750) | (9,106,283) | (664,549) |
Expired | (2,398,418) | (8,333,801) | |
Nordmin warrants | 500,000 | ||
Lind III Warrants | 8,558,000 | ||
April 2021 private placement | 4,412,118 | ||
June 2022 private placement | 5,046,135 | ||
Balance, at ending | 18,516,253 | 14,341,868 | 12,376,451 |
Canada, Dollars | |||
Balance, at beginning | $ 1.16 | $ 0.74 | $ 0.78 |
Exercised | 0.78 | 0.75 | 0.69 |
Expired | 0.73 | 0.86 | |
Class of Warrant or Right Exercise Price Warrants November Financing | 0.80 | ||
Lind III Warrants | 0.97 | ||
April 2021 private placement | 1.63 | ||
June 2022 private placement | 1.10 | ||
Balance, at ending | $ 1.16 | $ 1.16 | $ 0.74 |
Schedule of outstanding exercis
Schedule of outstanding exercisable warrants (Details) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number | 18,516,253 | 14,341,868 | 12,376,451 | 21,374,801 |
Exercise Price 0.80 [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number | 500,000 | |||
Warrant exercise price (in dollars per share) | $ 0.80 | |||
Expiry Date | Dec. 18, 2022 | |||
Exercise Price 1.63 [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number | 4,412,118 | |||
Warrant exercise price (in dollars per share) | $ 1.63 | |||
Expiry Date | May 10, 2023 | |||
Exercise Price 1.10 [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number | 5,046,135 | |||
Warrant exercise price (in dollars per share) | $ 1.10 | |||
Expiry Date | Jun. 30, 2024 | |||
Exercise Price 0.97 [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number | 8,558,000 | |||
Warrant exercise price (in dollars per share) | $ 0.97 | |||
Expiry Date | Feb. 19, 2025 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 12 Months Ended | |||
May 10, 2021 | May 10, 2021 | Nov. 05, 2020 | Jun. 30, 2022 | |
Long Term Incentive Plan [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Description of amended plan | Subject to adjustment as described in the 2017 Amended Long-Term Incentive Plan, the aggregate number of Common Shares that may be reserved for issuance to participants under the 2017 Amended Long-Term Incentive Plan, together with all other security-based compensation arrangements of the Company, may not exceed 10% of the issued and outstanding Common Shares from time to time, and the Common Shares reserved for issuance upon settlement of share units will not exceed 5% of the issued and outstanding Common Shares from time to time. The 2017 Amended Long-Term Incentive Plan limits the maximum number of Common Shares issued to insiders (as defined under TSX rules for this purpose) within any one-year period, or issuable to insiders at any time, in the aggregate, under all security-based compensation arrangements (including the 2017 Amended Long-Term Incentive Plan) to 10% of the then issued and outstanding Common Shares. | |||
Canada, Dollars | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Share Price | $ 9,989,000 | |||
Total intrinsic value | $ 973 | |||
Private Placement [Member] | Canada, Dollars | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of units issued | 4,334,157 | 4,981,035 | ||
Sale of Stock, Price Per Share | $ 1.43 | $ 1.43 | $ 0.96 | |
Gross proceeds from units issued | $ 6,198 | $ 4,800,000 | ||
Sale of Stock Price Per Share 1 | $ 1.10 | |||
Expected term | 2 years | |||
Private Placement [Member] | Canada, Dollars | Warrant [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of units issued | 77,961 | 65,100 | ||
Gross proceeds from units issued | $ 24 | $ 18 | ||
Cash commissions paid | $ 111 | $ 62 | ||
Risk free interest rate | 0.28% | 3.20% | ||
Expected volatility | 55% | 64% | ||
Expected term | 2 years |
Schedule of related party balan
Schedule of related party balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 2,318 | $ 3,818 |
Proceeds from (Repayments of) Related Party Debt | (318) | (1,500) |
Balance, end of period | $ 2,000 | $ 2,318 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 30, 2021 | Jun. 10, 2020 | Apr. 03, 2020 | Jan. 17, 2020 | Jan. 16, 2017 | |
Related Party Transaction [Line Items] | ||||||||
Principal amount outstanding | $ 4,000 | |||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 252 | $ 873 | $ 64 | |||||
Interest paid | $ 252 | 873 | ||||||
Mark Smith [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 272 | |||||||
General Security Agreement [Member] | Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Establishment fee | 2.50% | |||||||
Prepayment fee | 2.50% | |||||||
General Security Agreement [Member] | Mark Smith [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Principal amount outstanding | $ 1,000 | |||||||
Non Revolving Credit Facility Agreement [Member] | Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Establishment fee | 2.50% | |||||||
Principal amount outstanding | $ 2,000 | |||||||
Amended Non Revolving Credit Facility Agreement [Member] | Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Principal amount outstanding | $ 3,500 | $ 3,000 | $ 2,500 |
Schedule of exploration expendi
Schedule of exploration expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total | $ 3,309 | $ 1,056 | $ 1,201 |
Feasibility Study and Engineering [Member] | |||
Total | 334 | 79 | 40 |
Field Management and Other [Member] | |||
Total | 569 | 656 | 985 |
Exploration and Production Equipment [Member] | |||
Total | 2,218 | 272 | $ 176 |
Geologists and Field Staff [Member] | |||
Total | $ 188 | $ 49 |
The Company incurred lease cost
The Company incurred lease costs as follows: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease Cost: | |||
Fixed rent expense | $ 83 | $ 106 | $ 114 |
Variable rent expense | 12 | 7 | |
Short term lease cost | 16 | 13 | 12 |
Sublease income | (26) | (18) | (12) |
Net lease cost | 85 | 108 | 114 |
Lease cost – other operating expense | 85 | 89 | 98 |
Lease cost – exploration expenditures | $ 19 | $ 16 |
The maturity of lease liabiliti
The maturity of lease liabilities is as follows at June 30, 2022: (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Leases | ||||
2023 | $ 92 | |||
2024 | 23 | |||
Total lease payments | 115 | |||
Less amount of payments representing interest | (10) | |||
Present value of lease payments | 105 | |||
Less current portion of operating lease liability | (82) | $ (79) | $ (76) | $ (69) |
Noncurrent operating lease liability | $ 23 | $ 44 | $ 66 | $ 105 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Discount rate | 16% | |
Remaining lease term | 1 year 3 months 19 days | |
Cash payment | $ 90 | $ 64 |
Corporate office [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Lessee, Operating Lease, Option to Extend | three-year corporate office lease extension and recognized the corresponding ROU asset and lease liability associated with this lease extension, along with two existing building leases located at the Elk Creek Project. |
Domestic and foreign components
Domestic and foreign components of loss before income taxes for the years ended June 30, 2022, 2021 and 2020 are as follows: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Total | $ 10,887 | $ 4,824 | $ 4,001 |
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total | 6,918 | 3,362 | 2,473 |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Total | $ 3,969 | $ 1,462 | $ 1,528 |
The following table is a reconc
The following table is a reconciliation of income taxes at statutory rates: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes | $ 10,887 | $ 4,824 | $ 4,001 |
Combined federal and provincial statutory income tax rate | 27% | 27% | 27% |
Income tax benefit at statutory tax rates | $ 2,940 | $ 1,303 | $ 1,080 |
Foreign rate differential | (72) | (31) | (30) |
Share based compensation | (462) | (212) | (41) |
Change in estimates related to prior years | (274) | 739 | (4) |
Accretion expense | (407) | (158) | |
Capital loss rate differential | (38) | 182 | |
Change in valuation allowance | (1,713) | (1,841) | (946) |
Other | 26 | 18 | (59) |
Income tax benefit |
Deferred income taxes reflect t
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes a (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | |||
Mineral interests | $ 9,477 | $ 8,658 | |
Net operating losses available for future periods | 8,977 | 7,880 | |
Capital losses available for future periods | 420 | 643 | |
Other | 74 | 54 | |
Total deferred tax assets | 18,948 | 17,235 | |
Valuation allowance | (18,948) | (17,235) | $ (15,394) |
Net deferred tax assets |
Changes in the valuation allowa
Changes in the valuation allowance are as follows: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance, beginning of year | $ (17,235) | $ (15,394) |
Current year additions | (1,713) | (1,841) |
Valuation allowance, end of year | $ (18,948) | $ (17,235) |
As a result of the Tax Cuts and
As a result of the Tax Cuts and Jobs Act of 2017, U.S. tax losses incurred for tax years commencing in 2018 have no expiration. (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Total | $ 34,011 | $ 30,923 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total | 31,551 | 28,744 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total | $ 2,460 | $ 2,179 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Increases in capital losses available for future periods | $ (221) | $ 660 | |
Net operating loss carryforwards | 0 | 61 | |
Other income taxes | (3) | 30 | |
Valuation allowance | 18,948 | $ 17,235 | $ 15,394 |
Capital loss caryforward | $ 3,456 |
Schedule of fair values determi
Schedule of fair values determined by level 3 inputs are unobservable data (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 5,280 | $ 7,317 |
Investment in equity securities | 10 | 16 |
Total | 5,290 | 7,333 |
Liabilities | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 5,280 | 7,317 |
Investment in equity securities | 10 | 16 |
Total | 5,290 | $ 7,333 |
Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Mortgage-Backed Securities Available-for-Sale, Fair Value Disclosure | ||
Total | ||
Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Mortgage-Backed Securities Available-for-Sale, Fair Value Disclosure | ||
Total | ||
Liabilities |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 | |
Short-Term Debt [Line Items] | |
Expected Return Percentage | 7% |
Lind I I I Convertible Security [Member] | |
Short-Term Debt [Line Items] | |
Expected Return Percentage | 21% |
Schedule of Condensed Consolida
Schedule of Condensed Consolidated Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |||
Current | |||||||||
Cash | $ 3,464 | $ 5,280 | $ 7,317 | ||||||
Prepaid expenses and other | $ 279 | 541 | 402 | 24 | |||||
Total current assets | 5,145 | 4,005 | 5,682 | 7,341 | |||||
Non-current | |||||||||
Deposits | 35 | 35 | 35 | 35 | |||||
Investment in equity securities | 11 | 10 | 10 | 16 | |||||
Right-of-use assets | 126 | 110 | 94 | 156 | |||||
Land and buildings, net | 852 | 851 | 850 | 837 | |||||
Mineral properties | 16,085 | 16,085 | 16,085 | 16,085 | |||||
Total assets | 22,254 | 21,096 | 22,756 | 24,470 | |||||
LIABILITIES | |||||||||
Accounts payable and accrued liabilities | 458 | 720 | 817 | 408 | |||||
Related party loan | 2,000 | 2,000 | 2,000 | 2,318 | |||||
Convertible debt, current portion | 3,885 | 2,169 | 1,123 | ||||||
Operating lease liability | 76 | 79 | 82 | 69 | |||||
Total current liabilities | 2,534 | 6,684 | 5,068 | 3,918 | |||||
Convertible debt, net of current | 5,358 | 7,234 | |||||||
Operating lease liability | 66 | 44 | 23 | 105 | |||||
Total liabilities | 7,958 | 6,728 | 5,091 | 11,257 | |||||
SHAREHOLDERS' EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding: 259,118,369 at September 30, 2021 | $ 120,935 | $ 123,045 | $ 129,055 | $ 113,882 | |||||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Common stock, authorized | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | ||||
Common stock, shares outstanding | 264,026,990 | 259,118,369 | 268,083,716 | 276,670,606 | 256,379,931 | ||||
Accumulated deficit | $ (105,590) | $ (107,590) | $ (110,397) | $ (99,510) | |||||
Accumulated other comprehensive loss | (1,049) | (1,087) | (993) | (1,159) | |||||
Total shareholders' equity | 14,296 | $ 13,263 | 14,368 | 17,665 | [1] | 13,213 | [1] | $ 2,641 | $ 4,852 |
Total liabilities and equity | 22,254 | 21,096 | 22,756 | 24,470 | |||||
Cash | 4,866 | ||||||||
Previously Reported [Member] | |||||||||
Current | |||||||||
Cash | 5,868 | 3,464 | 5,280 | 7,317 | |||||
Prepaid expenses and other | 279 | 294 | 541 | 402 | 24 | ||||
Total current assets | 5,145 | 6,162 | 4,005 | 5,682 | 7,341 | ||||
Non-current | |||||||||
Deposits | 35 | 35 | 35 | 35 | 35 | ||||
Investment in equity securities | 11 | 14 | 10 | 10 | 16 | ||||
Right-of-use assets | 126 | 141 | 110 | 94 | 156 | ||||
Land and buildings, net | 852 | 852 | 851 | 850 | 837 | ||||
Mineral properties | 16,085 | 16,085 | 16,085 | 16,085 | 16,085 | ||||
Total assets | 22,254 | 23,289 | 21,096 | 22,756 | 24,470 | ||||
LIABILITIES | |||||||||
Accounts payable and accrued liabilities | 458 | 310 | 720 | 817 | 408 | ||||
Related party loan | 2,000 | 2,000 | 2,000 | 2,000 | 2,318 | ||||
Convertible debt, current portion | 396 | 2,585 | 796 | 1,123 | |||||
Operating lease liability | 76 | 72 | 79 | 82 | 69 | ||||
Total current liabilities | 2,534 | 2,778 | 5,384 | 3,695 | 3,918 | ||||
Convertible debt, net of current | 4,262 | 6,599 | 6,784 | ||||||
Operating lease liability | 66 | 86 | 44 | 23 | 105 | ||||
Total liabilities | 6,862 | 9,463 | 5,428 | 3,718 | 10,807 | ||||
SHAREHOLDERS' EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding: 259,118,369 at September 30, 2021 | 120,935 | 115,896 | 123,045 | 129,055 | 113,882 | ||||
Accumulated deficit | (104,494) | (101,036) | (106,310) | (109,005) | (99,076) | ||||
Accumulated other comprehensive loss | (1,049) | (1,034) | (1,067) | (1,012) | (1,143) | ||||
Total shareholders' equity | 15,392 | 13,826 | 15,668 | 19,038 | 13,663 | 2,641 | |||
Total liabilities and equity | 22,254 | 23,289 | 21,096 | 22,756 | 24,470 | ||||
Cash | 4,866 | ||||||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Current | |||||||||
Cash | 0 | ||||||||
Prepaid expenses and other | 0 | ||||||||
Total current assets | |||||||||
Non-current | |||||||||
Deposits | |||||||||
Investment in equity securities | |||||||||
Right-of-use assets | |||||||||
Land and buildings, net | |||||||||
Mineral properties | |||||||||
Total assets | |||||||||
LIABILITIES | |||||||||
Accounts payable and accrued liabilities | |||||||||
Related party loan | |||||||||
Convertible debt, current portion | 1,300 | 1,373 | |||||||
Operating lease liability | |||||||||
Total current liabilities | 1,300 | 1,373 | |||||||
Convertible debt, net of current | 1,096 | 563 | 450 | ||||||
Operating lease liability | |||||||||
Total liabilities | 1,096 | 563 | 1,300 | 1,373 | 450 | ||||
SHAREHOLDERS' EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding: 259,118,369 at September 30, 2021 | |||||||||
Accumulated deficit | (1,096) | (562) | (1,280) | (1,392) | (434) | ||||
Accumulated other comprehensive loss | (1) | (20) | 19 | (16) | |||||
Total shareholders' equity | (1,096) | (563) | (1,300) | (1,373) | (450) | ||||
Total liabilities and equity | |||||||||
Cash | |||||||||
Restated [Member] | |||||||||
Current | |||||||||
Cash | 5,868 | ||||||||
Prepaid expenses and other | 294 | ||||||||
Total current assets | 6,162 | ||||||||
Non-current | |||||||||
Deposits | 35 | ||||||||
Investment in equity securities | 14 | ||||||||
Right-of-use assets | 141 | ||||||||
Land and buildings, net | 852 | ||||||||
Mineral properties | 16,085 | ||||||||
Total assets | 23,289 | ||||||||
LIABILITIES | |||||||||
Accounts payable and accrued liabilities | 310 | ||||||||
Related party loan | 2,000 | ||||||||
Convertible debt, current portion | 396 | ||||||||
Operating lease liability | 72 | ||||||||
Total current liabilities | 2,778 | ||||||||
Convertible debt, net of current | 7,162 | ||||||||
Operating lease liability | 86 | ||||||||
Total liabilities | 10,026 | ||||||||
SHAREHOLDERS' EQUITY | |||||||||
Common stock, no par value, unlimited shares authorized; shares outstanding: 259,118,369 at September 30, 2021 | 115,896 | ||||||||
Accumulated deficit | (101,598) | ||||||||
Accumulated other comprehensive loss | (1,035) | ||||||||
Total shareholders' equity | 13,263 | ||||||||
Total liabilities and equity | $ 23,289 | ||||||||
[1]Amounts are restated. See Note 2 for more information. |
Schedule of Condensed Consoli_2
Schedule of Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses | ||||||||
Employee related costs | $ 2,150 | $ 1,655 | ||||||
Professional fees | 684 | 386 | $ 327 | |||||
Exploration expenditures | 3,309 | 1,056 | 1,201 | |||||
Other operating expenses | 1,653 | 995 | 528 | |||||
Total operating expenses | 7,796 | 4,092 | 3,432 | |||||
Foreign exchange loss | 258 | (725) | 179 | |||||
Interest expense | 2,827 | 1,543 | 354 | |||||
Loss on equity securities | 6 | (9) | (2) | |||||
Loss before income taxes | 10,887 | 4,824 | 4,001 | |||||
Income tax benefit | ||||||||
Net loss | $ 2,000 | $ 3,992 | $ 2,088 | $ 6,080 | $ 8,080 | 10,887 | 4,824 | 4,001 |
Other comprehensive loss: | ||||||||
Reporting currency translation | (166) | 804 | (171) | |||||
Total comprehensive loss | $ 10,721 | $ 5,628 | $ 3,830 | |||||
Loss per common share, basic and diluted | $ 0.04 | $ 0.02 | $ 0.02 | |||||
Weighted average common shares outstanding | 263,737,227 | 241,967,116 | 234,610,126 | |||||
Loss before income taxes | $ 10,887 | $ 4,824 | $ 4,001 | |||||
Net loss | 2,000 | 3,992 | 2,088 | 6,080 | 8,080 | 10,887 | 4,824 | $ 4,001 |
Previously Reported [Member] | ||||||||
Operating expenses | ||||||||
Employee related costs | 308 | 1,232 | 319 | 1,551 | 1,859 | 2,150 | 1,655 | |
Professional fees | 16 | 424 | 90 | 514 | 530 | 684 | 386 | |
Exploration expenditures | 845 | 491 | 621 | 1,112 | 1,957 | 3,309 | 1,056 | |
Other operating expenses | 217 | 881 | 226 | 1,107 | 1,324 | 1,653 | 995 | |
Total operating expenses | 1,386 | 3,028 | 1,256 | 4,284 | 5,670 | 7,796 | 4,092 | |
Foreign exchange loss | (48) | (61) | 210 | 149 | 101 | 221 | (729) | |
Interest expense | 477 | 488 | 492 | 980 | 1,457 | 1,906 | 1,113 | |
Loss on equity securities | 1 | 3 | 2 | 5 | 6 | 6 | (9) | |
Loss before income taxes | 1,816 | 3,458 | 1,960 | 5,418 | 7,234 | 9,929 | 4,390 | |
Income tax benefit | ||||||||
Net loss | 1,816 | 3,458 | 1,960 | 5,418 | 7,234 | 9,929 | 4,390 | |
Other comprehensive loss: | ||||||||
Reporting currency translation | 18 | 15 | (109) | (94) | (76) | (131) | 788 | |
Total comprehensive loss | $ 1,834 | $ 3,473 | $ 1,851 | $ 5,324 | $ 7,158 | $ 9,798 | $ 5,178 | |
Loss per common share, basic and diluted | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.04 | $ 0.02 | |
Weighted average common shares outstanding | 265,764,404 | 261,392,248 | 258,023,048 | 259,734,327 | 261,729,813 | 263,737,227 | 241,967,116 | |
Loss before income taxes | $ 1,816 | $ 3,458 | $ 1,960 | $ 5,418 | $ 7,234 | $ 9,929 | $ 4,390 | |
Net loss | 1,816 | 3,458 | 1,960 | 5,418 | 7,234 | 9,929 | 4,390 | |
Revision of Prior Period, Adjustment [Member] | ||||||||
Operating expenses | ||||||||
Employee related costs | ||||||||
Professional fees | ||||||||
Exploration expenditures | ||||||||
Other operating expenses | ||||||||
Total operating expenses | ||||||||
Foreign exchange loss | (18) | 15 | 15 | (3) | 37 | 4 | ||
Interest expense | 202 | 534 | 113 | 647 | 849 | 921 | 430 | |
Loss on equity securities | ||||||||
Loss before income taxes | 184 | 534 | 128 | 662 | 846 | 958 | 434 | |
Income tax benefit | ||||||||
Net loss | 184 | 534 | 128 | 662 | 846 | 958 | 434 | |
Other comprehensive loss: | ||||||||
Reporting currency translation | 20 | (1) | (15) | (16) | 4 | (35) | 16 | |
Total comprehensive loss | $ 204 | $ 533 | $ 113 | $ 646 | $ 850 | $ 923 | $ 450 | |
Loss per common share, basic and diluted | ||||||||
Weighted average common shares outstanding | ||||||||
Loss before income taxes | $ 184 | $ 534 | $ 128 | $ 662 | $ 846 | $ 958 | $ 434 | |
Net loss | 184 | 534 | 128 | 662 | 846 | $ 958 | $ 434 | |
Restated [Member] | ||||||||
Operating expenses | ||||||||
Employee related costs | 308 | 1,232 | 319 | 1,551 | 1,859 | |||
Professional fees | 16 | 424 | 90 | 514 | 530 | |||
Exploration expenditures | 845 | 491 | 621 | 1,112 | 1,957 | |||
Other operating expenses | 217 | 881 | 226 | 1,107 | 1,324 | |||
Total operating expenses | 1,386 | 3,028 | 1,256 | 4,284 | 5,670 | |||
Foreign exchange loss | (66) | (61) | 225 | 164 | 98 | |||
Interest expense | 679 | 1,022 | 605 | 1,627 | 2,306 | |||
Loss on equity securities | 1 | 3 | 2 | 5 | 6 | |||
Loss before income taxes | 2,000 | 3,992 | 2,088 | 6,080 | 8,080 | |||
Income tax benefit | ||||||||
Net loss | 2,000 | 3,992 | 2,088 | 6,080 | 8,080 | |||
Other comprehensive loss: | ||||||||
Reporting currency translation | 38 | 14 | (124) | (110) | (72) | |||
Total comprehensive loss | $ 2,038 | $ 4,006 | $ 1,964 | $ 5,970 | $ 8,008 | |||
Loss per common share, basic and diluted | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.03 | |||
Weighted average common shares outstanding | 265,764,404 | 261,392,248 | 258,023,048 | 259,734,327 | 261,729,813 | |||
Loss before income taxes | $ 2,000 | $ 3,992 | $ 2,088 | $ 6,080 | $ 8,080 | |||
Net loss | $ 2,000 | $ 3,992 | $ 2,088 | $ 6,080 | $ 8,080 |
Schedule of Condensed Consoli_3
Schedule of Condensed Consolidated of Cash Flows (unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | $ (2,000) | $ (3,992) | $ (2,088) | $ (6,080) | $ (8,080) | $ (10,887) | $ (4,824) | $ (4,001) |
Noncash lease expense | ||||||||
Unrealized loss (gain) on equity securities | 2 | 5 | 6 | 6 | (9) | (2) | ||
Accretion of convertible debt | 551 | 1,524 | 2,149 | 2,619 | 1,100 | |||
Noncash lease expense | (1) | (3) | (7) | 30 | ||||
Depreciation | 1 | 1 | 2 | 3 | ||||
Foreign exchange loss (gain) | 288 | 225 | 148 | 329 | (661) | 144 | ||
Change in working capital items: | ||||||||
Prepaid expenses | (270) | (255) | (516) | (377) | 9 | 40 | ||
Accounts payable and accrued liabilities | (92) | 57 | 314 | 419 | (1,103) | 579 | ||
Net cash used in operating activities | (1,609) | (2,958) | (4,414) | (6,150) | (4,726) | (3,049) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of land and buildings | (16) | (16) | (16) | (16) | (837) | |||
Net cash used in financing activities | (16) | (16) | (16) | (16) | (6,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | 664 | 963 | 973 | 4,737 | 10,677 | 470 | ||
Related party debt repayments | (318) | (318) | (318) | (318) | (1,500) | |||
Net cash provided by financing activities | 346 | 645 | 655 | 4,301 | 18,074 | 3,004 | ||
Exchange rate effect on cash and cash equivalents | (170) | (122) | (78) | (172) | (33) | (5) | ||
Change in cash and cash equivalents during period | (1,449) | (2,451) | (3,853) | (2,037) | 7,010 | (50) | ||
Cash and cash equivalents, beginning of period | 4,866 | 5,868 | 7,317 | 7,317 | 7,317 | 7,317 | 307 | 357 |
Cash and cash equivalents, end of period | 3,464 | 4,866 | 5,868 | 4,866 | 3,464 | 5,280 | 7,317 | 307 |
Share based compensation | 1,568 | 1,568 | 1,745 | 797 | 153 | |||
Previously Reported [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | (1,816) | (3,458) | (1,960) | (5,418) | (7,234) | (9,929) | (4,390) | |
Noncash lease expense | ||||||||
Unrealized loss (gain) on equity securities | 2 | 5 | 6 | 6 | (9) | |||
Accretion of convertible debt | 438 | 877 | 1,300 | 670 | ||||
Noncash lease expense | (1) | (3) | (7) | 30 | ||||
Depreciation | 1 | 1 | 2 | 3 | ||||
Foreign exchange loss (gain) | 273 | 210 | 151 | (665) | ||||
Change in working capital items: | ||||||||
Prepaid expenses | (270) | (255) | (516) | (377) | 9 | |||
Accounts payable and accrued liabilities | (92) | 57 | 314 | 419 | (1,103) | |||
Net cash used in operating activities | (1,609) | (2,958) | (4,414) | (6,150) | (4,726) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of land and buildings | (16) | (16) | (16) | (16) | (837) | |||
Net cash used in financing activities | (16) | (16) | (16) | (16) | (6,305) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | 664 | 963 | 973 | 4,737 | 10,677 | |||
Related party debt repayments | (318) | (318) | (318) | (318) | (1,500) | |||
Net cash provided by financing activities | 346 | 645 | 655 | 4,301 | 18,074 | |||
Exchange rate effect on cash and cash equivalents | (170) | (122) | (78) | (172) | (33) | |||
Change in cash and cash equivalents during period | (1,449) | (2,451) | (3,853) | (2,037) | 7,010 | |||
Cash and cash equivalents, beginning of period | 4,866 | 5,868 | 7,317 | 7,317 | 7,317 | 7,317 | 307 | |
Cash and cash equivalents, end of period | 3,464 | 4,866 | 5,868 | 4,866 | 3,464 | 5,280 | 7,317 | 307 |
Share based compensation | 1,568 | 1,568 | 1,745 | 797 | ||||
Revision of Prior Period, Adjustment [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Total loss for the period | (184) | (534) | (128) | (662) | (846) | (958) | (434) | |
Noncash lease expense | ||||||||
Unrealized loss (gain) on equity securities | ||||||||
Accretion of convertible debt | 113 | 647 | 849 | 430 | ||||
Noncash lease expense | ||||||||
Depreciation | ||||||||
Foreign exchange loss (gain) | 15 | 15 | (3) | 4 | ||||
Change in working capital items: | ||||||||
Prepaid expenses | ||||||||
Accounts payable and accrued liabilities | ||||||||
Net cash used in operating activities | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of land and buildings | ||||||||
Net cash used in financing activities | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of capital stock | ||||||||
Related party debt repayments | ||||||||
Net cash provided by financing activities | ||||||||
Exchange rate effect on cash and cash equivalents | ||||||||
Change in cash and cash equivalents during period | ||||||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period | ||||||||
Share based compensation |
Schedule of Condensed Consoli_4
Schedule of Condensed Consolidated Statement of Shareholder’s Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |||||
Balance, June 30, 2021 As Restated | $ 14,296 | $ 13,263 | $ 13,213 | [1] | $ 13,213 | [1] | $ 13,213 | [1] | $ 13,213 | [1] | $ 2,641 | $ 4,852 |
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | 338 | ||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | 148 | ||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | 980 | ||||
Reporting currency presentation | (38) | (14) | 124 | 110 | 72 | 166 | (804) | 171 | ||||
Common Stock [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | 120,935 | 115,896 | 113,882 | [1] | 113,882 | [1] | 113,882 | [1] | 113,882 | [1] | 97,682 | 96,063 |
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | 338 | ||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | 148 | ||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | 980 | ||||
Reporting currency presentation | ||||||||||||
Retained Earnings [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (105,590) | (101,598) | (99,510) | [1] | (99,510) | [1] | (99,510) | [1] | (99,510) | [1] | (94,686) | (90,685) |
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Debt conversions | ||||||||||||
Reporting currency presentation | ||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,049) | (1,035) | (1,159) | [1] | (1,159) | [1] | (1,159) | [1] | (1,159) | [1] | (355) | (526) |
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Debt conversions | ||||||||||||
Reporting currency presentation | (38) | (14) | 124 | 110 | 72 | 166 | (804) | $ 171 | ||||
Previously Reported [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | 15,392 | 13,826 | 13,663 | 13,663 | 13,663 | 13,663 | 2,641 | |||||
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | |||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | |||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | |||||
Reporting currency presentation | (18) | (15) | 109 | 94 | 76 | 131 | (788) | |||||
Previously Reported [Member] | Common Stock [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | 120,935 | 115,896 | 113,882 | 113,882 | 113,882 | 113,882 | 97,682 | |||||
Exercise of warrants | 543 | 543 | 543 | 543 | 5,338 | |||||||
Exercise of options | 10 | 299 | 121 | 420 | 430 | 483 | 215 | |||||
Debt conversions | 2,100 | 3,172 | 1,350 | 4,522 | 6,622 | 8,807 | 3,106 | |||||
Reporting currency presentation | ||||||||||||
Previously Reported [Member] | Retained Earnings [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (104,494) | (101,036) | (99,076) | (99,076) | (99,076) | (99,076) | (94,686) | |||||
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Debt conversions | ||||||||||||
Reporting currency presentation | ||||||||||||
Previously Reported [Member] | AOCI Attributable to Parent [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,049) | (1,034) | (1,143) | (1,143) | (1,143) | (1,143) | (355) | |||||
Exercise of warrants | ||||||||||||
Exercise of options | ||||||||||||
Debt conversions | ||||||||||||
Reporting currency presentation | (18) | (15) | 109 | 94 | 76 | 131 | (788) | |||||
Revision of Prior Period, Adjustment [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,096) | (563) | (450) | (450) | (450) | (450) | ||||||
Reporting currency presentation | (20) | 1 | 15 | 16 | (4) | 35 | (16) | |||||
Revision of Prior Period, Adjustment [Member] | Common Stock [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | ||||||||||||
Reporting currency presentation | ||||||||||||
Revision of Prior Period, Adjustment [Member] | Retained Earnings [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1,096) | (562) | (434) | (434) | (434) | (434) | ||||||
Reporting currency presentation | ||||||||||||
Revision of Prior Period, Adjustment [Member] | AOCI Attributable to Parent [Member] | ||||||||||||
Balance, June 30, 2021 As Restated | (1) | (16) | (16) | (16) | (16) | |||||||
Reporting currency presentation | $ (20) | $ 1 | $ 15 | $ 16 | $ (4) | $ 35 | $ (16) | |||||
[1]Amounts are restated. See Note 2 for more information. |